A $773,000 Theft — And a System That Looked the Other Way Earlier this week, a New York court ordered Citibank to pay $3.5 million to an elderly woman after her account was completely drained in a series of unauthorized ATM withdrawals and wire transfers totaling $773,000. The perpetrator? Her own niece. The enabler? A global banking giant that failed — outright — to flag the transactions, halt the theft, or act according to its own internal safeguards. The judgment tripled the original amount under the Electronic Funds Transfer Act (EFTA), a federal consumer protection law designed to ensure banks act swiftly and responsibly when fraud is detected. Instead, Citibank dragged its feet, refused to return the stolen funds, and…
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