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No, it’s because they like laundering money and the profit that brings, and hate any feature that might prove their wrongdoing empirically. https://www.reuters
by callalex 6y ago
No, it’s because they like laundering money and the profit that brings, and hate any feature that might prove their wrongdoing empirically.
https://www.reuters.com/article/us-citigroup-fine-idUSKBN1ET25A https://www.reuters.com/article/us-citigroup-fine-idUSKBN1ET...
- DaiPlusPlus 6y agoOh, of course - I understand most (if not all?) major banks have serious ethics issues from the top-down - but money-laundering is a business-objective and is distinct and separate from online banking security. The $70m fine (a joke to a multi-billion-dollar company) is insignificant to the potential damages from a class-action lawsuit from a wide-ranging vulnerability in their online banking platform - hence their focus and over-engineering on their online banking security - while the risks from credit-card abuse and individual identity-theft are much more limited in scope - and are a known-quantity.