All articles tagged with #bank negligence
An 86-year-old woman from NYC lost $700,000 to a sophisticated scam that exploited her age-related memory loss, leading her to make unauthorized withdrawals. Her family is now suing Bank of America and Merrill Lynch for negligence, arguing that the banks failed to flag unusual activity despite her history of small withdrawals and added oversight.
A customer shares their experience of being scammed out of $31,000 through Zelle while trying to pay a deposit for a pool construction project. Despite multiple attempts to contact the pool contractor, who had seemingly disappeared, the customer eventually received an email from the contractor requesting payment via Zelle. After transferring the money in installments, the customer discovered that the contractor had not received any emails from them in over a month. The article highlights the risks of using peer-to-peer payment platforms like Zelle, which have become popular targets for fraud, and the lack of transparency regarding the frequency of such incidents.