A Skokie man had his Citibank account drained by scammers, resulting in $121,000 being wire out of a trust account set up for his disabled sister. Citibank informed him that there was nothing they could do to rectify the situation. However, a recent lawsuit out of New York against Citibank is offering hope to fraud victims, including the man, Scott Jacobson.
Jacobson, who has been caring for his sister with Alzheimer’s, was devastated to discover the fraudulent wire transfers to Thailand that depleted his sister’s trust account. Despite reporting the fraud immediately, Citibank was unhelpful in resolving the issue. After facing financial struggles and legal battles, Jacobson finally received a favorable ruling from an arbitrator, awarding him the stolen amount plus interest. This victory serves as a reminder for others who have fallen victim to bank fraud to persist in seeking justice and reclaiming their money.
The lawsuit filed by the New York Attorney General accuses Citibank of failing to protect and reimburse fraud victims, lacking strong online protections, and misleading account holders about their rights after their accounts are hacked. Citibank has called the lawsuit “misguided” and insists on having implemented robust countermeasures to combat fraud. Despite the ongoing legal battle, Jacobson’s perseverance paid off, serving as an inspiration for others facing similar challenges with financial institutions.