electronic funds transfer act\nuse the passage below to answer the following question.\nevolution of credit…

electronic funds transfer act\nuse the passage below to answer the following question.\nevolution of credit and debit cards\ncredit cards gained popularity in the 1970s, transitioning from cash and checks to card-based transactions for everyday use. debit cards, which directly withdraw money from checking accounts, also became popular later.\n\nthe electronic funds transfer act of 1978\nthe electronic funds transfer act (efta) of 1978 established consumer rights and protections for electronic transactions, including the use of credit and debit cards. this act set rules for handling lost or stolen cards and unauthorized transactions.\n\nprotecting against fraud\nto safeguard against fraud, it is essential to:\n- monitor accounts: regularly check bank and credit card statements, at least once a week.\n- set up alerts: enable notifications for unusual activities, such as out-of-state purchases or large transactions.\n- report quickly: report lost or stolen cards and unauthorized transactions immediately. reporting within two business days limits liability to $50; after two days but within 60 days, liability can be up to $500.\n\nif ones credit card is lost or stolen and it is reported within 60 days, their liability is limited to what amount?\n$5,000\n$50\n$500

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