Is your bank obligated to pay you if someone steals your money? This happened to this famous bank
Banking fraud is one of the most current cybersecurity issues today. Unfortunately, it is very common to come across people who have fallen victim to phishing attacks and had money stolen from their accounts. Now what is the bank’s responsibility? We will tell you what happened to Citibank, one of the most famous entities worldwide. A sentence that makes us reconsider this issue.
And this is a complaint that they filed against Citibank because they supposedly didn't adequately protect customers and didn't compensate customers against online fraud. In fact, we're talking about millions of dollars because it affects many customers who were attacked in New York.
These are clearly attacks where cybercriminals use phishing and social engineering to gain control of accounts. This way, they are able to conduct economic transactions and, essentially, steal money from the victim’s account.
According to New York Attorney General Letitia James, Citibank’s defenses are not up to snuff. They don’t detect red flags, such as using unknown devices, logging into the account from a new location or even changing the account name and password.
It should be added that the bank did not know how to stop sending large amounts of money after the hack. It is clear, according to the prosecutor, that these frauds could have been avoided by the bank. They also point out that when customers called to report the situation, they faced long waiting times, which allowed the attackers to continue stealing money from their accounts.
The bank refuses any kind of repayment, which has prompted the prosecutor to demand compensation. They believe that the bank should be a safe place to store money and not face these problems with cybercrime.
- Protect yourself; that's the main thing.
Regardless of whether or not the bank should be held liable for computer fraud, it is clear that we, the users, should take precautions. In the vast majority of cases, cybercriminals will ask us to make mistakes so that they can trap us. Therefore, it is as simple as not making mistakes and always maintaining common sense.
For example, you should never log in through links you receive via SMS or email. It could be a clear phishing attack, where they steal your passwords without you even realizing it. Avoid this and always access your bank through the bank’s official URL, as well as the legitimate app of that bank.
You should always apply all the measures available to you. You can set limits on the card for the amount that can be withdrawn, geo-lock it, enable two- or three-step authentication, set strong passwords, etc. All this will make it more difficult to get into your account and prevent a hacker from stealing money from you.
As you can see, in the US they sued a major bank for not acting properly in the face of banking fraud. Will we see more cases like this? It is always necessary to take measures and avoid attacks of this type. Avoiding banking malware, phishing attacks, and other similar scams is in your hands.