How to deal with banking fraud

Dec 12, 2021 6 Comments

Hey folks! My uncle recently became victim to a phone-sim hack (identity theft). His Citibank online access was compromised and the hackers stole ~$60K within a few hours. Uncle immediately reported this to Citibank but their reps were not confident/ very clear on the next steps. They gave him a reference no. and verbally assured that he’ll get back the amount in 90 days.

Has anyone gone through a similar situation?
Is there a set timeframe for the banks (in this case Citi) to act within on such cases? What else can my Uncle do to ensure he gets the claim? (like a report to Police? FDIC?).

Appreciate your tips please.

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