 According to an industry analyst, the unfolding credit card scam scandal that has rocked Citibank recently is far, far from over. It has been pegged the worst consumer scam of all time. Citibank has confirmed that an ongoing fraud has forced the company to reissue debit cards and block PIN-based transactions for users in three countries: Canada, Russia, and the U.K. Citibank is only the tip of a very large iceberg according to Avivah Litan, a Gartner research vice president. The scam has touched national banks such as Bank of America, Wells Fargo, and Washington Mutual and has even hit smaller institutions, including small banks in Oregon, Ohio, and Pennsylvania. All of these banks have re-issued debit cards in recent weeks because of the scam. Litan maintained that the situation represents the worst hack ever. It is significant not only because it is widespread but also because it effects debit cards which experts previously thought were immune to this kind of problem. |
