FTC New Impersonation Scams Rule Effective Today – 2024

FTC New Impersonation Scams Rule Effective Today

Government taking action Against Scams!

Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• Federal Trade Commission

About This Article

The FTC’s new rule targeting government and business impersonation scams takes effect today, April 1st, 2024, aiming to combat the soaring losses reported by consumers, which surpassed $1.1 billion last year alone.

The rule addresses the most common tactics employed by scammers, such as fake account security alerts and phony subscription renewals, and highlights the rise in text and email-based scams alongside declining phone calls. Notably, bank transfers and cryptocurrency payments have become the predominant methods used by victims, prompting the FTC to propose stronger measures, including prohibiting the impersonation of individuals and facilitating scams.

New York State Goes After Citibank For Failing To Protect & Refund To Scam Victims – January 2024

New York State Goes After Citibank for Failing to Protect & Refund to Scam Victims

New York State Attorney General Files Lawsuit Against Citibank for Scam Victim

Author:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.

About This Article

The New York Attorney General, Letitia James, filed a lawsuit against Citibank for negligence in protecting customers from fraud, alleging that the bank failed to implement strong security measures and improperly denied reimbursement to victims.

Citi’s lax security protocols led to millions of dollars being stolen from customers, with some losing their life savings. Victims reported delayed responses to fraud claims, with Citi often leaving them on lengthy holds, allowing scammers to continue their activities. The lawsuit highlights the importance of robust security measures and swift responses to fraud reports by financial institutions.