Internet transactions: verification: banking and financial services.

Existing law sets forth comprehensive provisions governing funds transfers, as defined, including provisions related to the issuance and acceptance of payment orders, requirements for verification, the effect of errors, the effect of acceptance of a payment order, and related provisions. This bill would require a business that provides banking or other financial services and that allows for the movement of specified funds over the Internet to collect, report, and update, on a quarterly basis, information relating to unauthorized transfers of funds over the Internet. This bill would also require these banks or financial institutions to post this report at each of their locations within the state, or on its Internet Web site, as specified.