Connect with us

Hi, what are you looking for?


Citibank refused to reimburse scam victims who lost “life savings.”

Citibank is facing serious allegations from New York Attorney General Letitia James, who filed a lawsuit in US District Court for the Southern District of New York. The lawsuit accuses Citibank of unlawfully refusing to reimburse victims of scams, pointing to deficiencies in its online security practices.

According to the lawsuit, Citibank is accused of failing to implement strong online protections, misleading customers about their rights after fraudulent account activity, and denying reimbursement to fraud victims. These alleged actions have reportedly led to significant financial losses for affected individuals, including the loss of life savings and essential funds.

One specific case highlighted in the lawsuit involves a New York woman who fell victim to a scam in July 2022, resulting in a loss of $35,000. Despite receiving suspicious messages and calls, the victim’s accounts were compromised, and unauthorized wire transfers were approved by Citibank without direct confirmation from the customer. Similar incidents of fraudulent activity and subsequent denial of reimbursement are detailed in the lawsuit.

In response, Citibank has defended its security measures and refund policies, stating that it complies with relevant laws and regulations. However, the Attorney General argues that Citibank is obligated to reimburse victims under the Electronic Fund Transfer Act (EFTA), which mandates reimbursement for unauthorized transactions reported promptly by customers.

The lawsuit seeks various remedies, including a permanent injunction against Citibank, restitution for affected customers, and civil penalties. As the legal proceedings unfold, the case highlights the importance of robust cybersecurity measures and consumer protections in the financial industry.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Apple is gearing up for a significant refresh of its iPad lineup in 2024, starting with the anticipated launch of the iPad Pro in...


Microsoft Teams had a major hiccup on Friday, causing disruptions and various issues for users. The problem started around 11 a.m. EST and quickly...


Olivia Rodrigo’s Guts World Tour is gaining attention not only for her musical prowess but also for her distinctive fashion choices on stage. Styled...


JetBlue Airways is considering pulling out of its $3.8 billion acquisition of Spirit Airlines following a federal judge’s blockage of the deal in response...