When autocomplete results are available use up and down arrows to review and enter to select.
Citibank’s request to dismiss a lawsuit was rejected by a federal judge who said Regulation E consumer protections extend to wire transactions.
Details: New York Attorney General Letitia James said the court found that the Electronic Fund Transfer Act applies to unauthorized wire transfers made through Citibank’s consumer accounts. James last year alleged that Citibank had no protections against account takeovers, misled customers about their rights when accounts were hacked, and denied reimbursements.
Scale of EFTA: The Consumer Financial Protection Bureau last May said that when a bank connects wire transfer capabilities to its online consumer banking platform and a person (or scammer) authorizes a transfer online, EFTA applies to the transaction except for the bank-to-bank portion of it.