Source: Rob Copeland, N.Y.Times ( Paid Registration )

New York State’s attorney general sued Citi accusing it of failing to stop scammers from stealing an unspecified amount of money from customer accounts, and saying the bank should reimburse fraud victims for any losses.

N.Y. AG Letitia James said that Citi should have been suspicious when large transfers were requested from customer accounts that had not had such activities for decades — and that only minutes before had their passwords changed. The lawsuit holds Citi responsible under the 1978 Electronic Fund Transfer Act.

Read Full Article: N.Y. AG sues Citi for failing to protect fraud victims