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According to Click on Detroit, all of the cards’ numbers matched those on the original credit card and each other.
The Suspicious Activity
Cato was suspected of fraud, so the bank opened an investigation into the incident, but they came up empty-handed. Additionally, the story progressed over time as Cato started receiving letters claiming to be from Bank of America. Their senders, whose names were listed on 26 cards, asked to increase the number of individuals who can manage funds from the Carton account.
In Detroit, the police are already a part of a new inquiry that Bank of America has now begun. The company describes the situation as unique and points out that it has never happened before. This puts enormous need for instant cybersecurity measures as more people can fall victim to the cybercriminals.
What is Bank of America
It’s important to note that Bank of America is the country’s second-largest bank by resources, and deposits are FDIC guaranteed up to $250,000 per depositor. They provide safeguards against fraud as well as extra safety features such as third-party access reviews and personalized reviews, allowing you to maintain tabs on your accounts.
The Bank is known to have one of the most advanced systems against suspicious activities. Therefore, it is not known to have such incidents. Currently, there is an investigation happening around this case. The experts say they have never seen anything like this incident before.