Overview
- New York Attorney General Letitia James has sued Citibank, and a federal judge clarified that the Electronic Fund Transfer Act can apply to online wire transfers, raising the stakes for bank reimbursement obligations.
- An 87-year-old New Yorker lost $85,000 after calling a fake Microsoft support number found via search, with Citibank denying repayment because the transfer used correct credentials from a registered device.
- Security and police agencies say the wave of vishing and tech-support impersonation schemes continues to grow, using tactics such as remote-access tools, gift-card payment demands, and PayPal robocalls that connect victims to fake agents.
- Consumer advocates argue banks lean on Uniform Commercial Code defenses to reject fraud claims, while industry representatives stress that sophisticated social engineering falls outside their control despite two‑factor authentication and other safeguards.
- Experts urge practical steps: do not call numbers shown in pop‑ups, never grant remote access, enable high banking alerts, block and report suspicious calls, and contact the bank and police immediately if unusual transactions appear.