Criminals have been stealing unemployment payments directly from recipients' accounts during the pandemic. Our investigation found that a cost-saving, but out-dated technology fueled the theft. LesliePicker reports.
The suit Moon joined alleges that the firm "failed to take reasonable steps to protect plaintiffs' and class members' benefits from fraud." Filed initially in the U.S. District Court for the Northern District of California, the complaint said that Bank of America failed to implement "fraud preventing" chip technology in the plaintiffs' cards, making them "readily susceptible to cloning.
The bank said that part of the risk is that criminals will falsely claim fraud and then obtain provisional credits, something that has cost the firm $200 million in 2020 in California alone, according to court documents. A provisional credit is one that is temporarily added to an account as a fraud claim is evaluated. Based on the outcome of a review, it can be made permanent or removed.Legitimate recipients say they've been caught in the crosshairs.
Bill Halldin, a spokesman for the firm, said that last year it increased its team serving these programs "from several hundred to more than 6,000 people, dramatically reducing wait times as we answered calls and reviewed claims." Halldin said the bank committed to "additional measures to help unemployment recipients who have been victimized by fraud receive their benefits as quickly as possible."Moon, Koole and Rivera said that their debit cards did not include chips.
In the meantime, California and other states are looking to ameliorate the onslaught of transaction fraud that proliferated in their systems during the pandemic.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Child tax credit payments started hitting bank accounts today. Here's what you need to know.Most qualifying families will automatically receive the expanded payments, but those who don't have to file taxes or haven't done so will need to update their information with the IRS.
Weiterlesen »
What you need to know about the expanded child tax creditIf you have kids, you might see up to $300 in your bank account for each child, the first of many payments this year courtesy of the expanded federal child tax credit. Here's what you need to know:
Weiterlesen »
Big Brother Blowout: Twitter Cracks Up at Evicted Houseguest's Excuse, Are Loving New HOHAfter a wild first week in the house, swimsuit designer Alyssa found herself facing off against account exec Travis -- who went home first, and who rose to power next? (via toofab)
Weiterlesen »
The 8 Funniest Accounts on TikTokIf you need a moment to look down at your phone and laugh, here are the 8 funniest TikToks to follow now:
Weiterlesen »
California Legislature Approves First-Ever State Guaranteed Income Program, Report SaysCalifornia lawmakers have unanimously approved the creation of what is set to become the first state-funded guaranteed income plan in the U.S.
Weiterlesen »