Citi pushes back on NY’s online fraud lawsuit, says we’re not ‘bad guys’
Citigroup Inc. said US banks will be forced into a “dramatic shift” in how electronic payments are processed if New York state wins a lawsuit claiming the company doesn’t do enough to prevent online fraud.
Lawyers for the company’s Citibank unit urged US District Judge Paul Oetken on Tuesday to throw out a suit filed in January by Attorney General Letitia James, saying the bank has robust and extensive procedures to protect consumers from being scammed into making fraudulent transfers. James claims the bank isn’t doing enough to protect customers and refuses to reimburse victims.
