Hooray for NYS AG Letitia James. She has sued Citibank for poor security and failure to comply with #EFTA when consumers report #fraud or #theft.
Snippets from the press release:
"The OAG found that Citi’s systems do not respond effectively to red flags, such as scammers who are using unrecognized devices, are accessing accounts from new locations, or are changing banking passwords or usernames. Additionally, Citi systems do not flag and stop efforts to transfer funds from multiple accounts into a single account and then send tens of thousands of dollars out the door in minutes. Citi also does not automatically initiate investigations or report fraudulent activity to police or law enforcement authorities when consumers first report it to Citi."
"Under EFTA, banks such as Citi are required to reimburse their customers for money in their accounts that is lost or stolen through unauthorized electronic payments. However, Citi illegally exploited a narrow exception in these laws to deny consumer claims for reimbursement, resulting in millions of dollars in losses for New York consumers. Through this lawsuit, Attorney General James is seeking to stop Citi’s deceptive practices and to collect restitution for victims who were denied reimbursement in the last six years, penalties, and disgorgement. "
The U.K. Government Is Very Close To Eroding Encryption Worldwide
"The U.K. Parliament is pushing ahead with a sprawling internet regulation bill that will, among other things, undermine the privacy of people around the world. The Online Safety Bill, now at the final stage before passage in the House of Lords, gives the British government the ability to force backdoors into messaging services, which will destroy end-to-end encryption. No amendments have been accepted that would mitigate the bill’s most dangerous elements. "