Metropolitan Commercial’s $30m fine — and why we need timely action in response to fraud

Bank settles over concerns it failed to act quickly enough when it became aware of third-party debit card fraud.

Fines and penalties of almost $30m have been imposed on Metropolitan Commercial Bank (MCB) after failures in risk-management processes led to a huge fraud involving $300m of pandemic unemployment benefits.

“During the pandemic, scammers used sophisticated tactics to take advantage of vulnerable New Yorkers at a time when institutions should

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