New York sues Citibank for alleged failure to reimburse fraud victims
Publishing timestamp: 2024-01-30 11:55:36
Summary
New York Attorney General Letitia James has sued Citibank for allegedly failing to protect and reimburse victims of electronic fraud. The lawsuit claims that Citibank does not have strong protections in place to prevent unauthorized account takeovers and illegally denies reimbursements. The alleged failure has cost New York account holders millions of dollars. Citibank has faced previous struggles with risk management and controls, and the lawsuit includes specific individuals who had money stolen from their accounts. Citibank has stated that it works hard to prevent threats and assist customers who become victims of fraud.
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Keywords: letitia james, lawsuits, business, banks, business news, crime, collusion, citigroup inc, new york, securities fraud,