Citibank sued over failure to defend customers against hacks, fraud
Posted: Tue Jan 30, 2024 7:06 pm
New York Attorney General Letitia James sued Citibank over its alleged failure to defend customers against hacks and scams and refusal to reimburse victims after allowing fraudsters to steal millions from their accounts.
The NY Attorney General's lawsuit against Citibank says the financial institution's refusal to compensate victims of fraud is a violation of the Electronic Fund Transfer Act (EFTA) which mandates that banks reimburse customers for any funds lost or stolen via unauthorized electronic transactions.
The complaint claims that because it's providing online and mobile banking options for wire transfers, Citibank should compensate fraud victims, akin to the protections afforded to victims of electronic credit or debit card fraud under the same legislation.
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Citibank sued over failure to defend customers against hacks, fraud
The NY Attorney General's lawsuit against Citibank says the financial institution's refusal to compensate victims of fraud is a violation of the Electronic Fund Transfer Act (EFTA) which mandates that banks reimburse customers for any funds lost or stolen via unauthorized electronic transactions.
The complaint claims that because it's providing online and mobile banking options for wire transfers, Citibank should compensate fraud victims, akin to the protections afforded to victims of electronic credit or debit card fraud under the same legislation.
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Citibank sued over failure to defend customers against hacks, fraud