Citigroup disputes NYS AG Letitia James' lawsuit over online fraud prevention measures.

Citigroup Inc. is contesting a lawsuit from New York State Attorney General Letitia James, which alleges the bank is inadequately preventing online fraud. Citigroup asserts it has strong fraud protection measures and claims the lawsuit could disrupt electronic payment processing standards. The bank also argues that it is not liable for losses if it adheres to reasonable security protocols. In 2023, Americans lost $12.5 billion to online fraud, highlighting the issue's urgency.

October 08, 2024
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