Who takes the risk of loss, fraud or theft?
Once the funds are transferred onto the Employees PayCard, Elan Financial Services is responsible for any losses from lost cards, Fraud or Theft, as long as any such activity is reported on a timely basis and unless the Employee or Employer is implicated in the Fraud or Theft. Thus, a PayCard is far safer than a paycheck or cash for the Employee, as the funds will be replaced onto a new card.
