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Business InsiderDEC 2023
NY Sues Citibank for Allegedly Not Protecting Customers
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The Spin
Narrative A
All banks must be held responsible when they don't protect their customers from scammers, and, in some instances, ignore fraud. In this case, CitiBank thinks a basic disclaimer against scams is enough to remove any liability for stolen customer funds, but that's not true. Security measures must be improved and customers must be reimbursed when they're victimized.
Narrative B
It's easy to just blame the banks in situations like this, but there are many factors at play. First and foremost, banks shouldn't be held liable in instances of customer negligence. Sometimes, banks should reimburse customers, but it's also incumbent on customers to be more careful because there are always going to be scammers trying to make a quick buck.