<\/p>\n
New York Attorney General Letitia James says one of America\u2019s biggest banks does nothing to stop fraudulent wire transfers even after the bank\u2019s own customers call to report fraud and freeze ongoing transactions.<\/p>\n
Deep dives on the AG\u2019s accusations in her lawsuit<\/a> against Citibank are emerging, highlighting allegations<\/a> that Citibank makes \u201cno effort\u201d to alert fellow banks of wire fraud as it unfolds in real time.<\/p>\n According to James, Citibank will only try to stop fraudulent wire transfers if customers explicitly ask the bank to contact the financial institutions that are receiving the stolen funds.<\/p>\n \u201c\u2026Historically Citi has made no effort to immediately contact beneficiary banks in response to notices of fraudulent activity either to request that stolen funds be frozen or returned. <\/em><\/p>\n Citi also has required that consumers explicitly request outreach to beneficiary banks before it will do so in real time. As a result, scammers are able to access and withdraw funds held at beneficiary banks even after consumers have provided notices of fraudulent activity to Citi.\u201d<\/em><\/p>\n James says Citibank\u2019s \u201clax security procedures\u201d have cost customers millions.<\/p>\n \u201cDefendant Citi has not deployed sufficiently robust data security measures to protect consumer financial accounts, respond appropriately to red flags, or limit theft by scam. <\/em><\/p>\n Instead, Citi has overpromised and underdelivered on security, reacted ineffectively to fraud alerts, misled consumers, and summarily denied their claims. Citi\u2019s illegal and deceptive practices have cost New Yorkers millions.\u201d<\/em><\/p>\n Citibank calls the lawsuit \u201cmisguided\u201d and early this month, asked a judge to dismiss the case, reports<\/a> Reuters.<\/p>\n In a filing, the bank said \u201cno system will catch every scam every time\u201d and warned the lawsuit could \u201cabruptly and dramatically upset how banks have organized their policies and practices for decades.\u201d<\/p>\n James must respond to the motion to dismiss by May 17th.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" New York Attorney General Letitia James says one of America\u2019s biggest banks does nothing to stop fraudulent wire transfers even after the bank\u2019s own customers call to report fraud and freeze ongoing transactions. Deep dives on the AG\u2019s accusations in her lawsuit against Citibank are emerging, highlighting allegations that Citibank makes \u201cno effort\u201d to alert […]<\/p>\n","protected":false},"author":2,"featured_media":282867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-282866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/282866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=282866"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/282866\/revisions"}],"predecessor-version":[{"id":282869,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/282866\/revisions\/282869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/282867"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=282866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=282866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=282866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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