NJ Virus Benefit Recipients Sue BofA Over Debit Card Fraud

By Jeannie O'Sullivan (December 17, 2021, 8:12 PM EST) -- Bank of America was hit with a proposed class action Friday, alleging it failed to apply proper fraud protections to debit cards issued to those who received COVID-19 pandemic job loss benefits from the state of New Jersey, resulting in unauthorized charges on the accounts and other scams.

The banking giant used outdated magnetic stripes instead of chip technology, and provided poor customer service that rendered cardholders "desperate and confused" when they reported fraudulent activity, according to the complaint filed in New Jersey federal court.

In some cases, the bank refused to provide provisional credit during the pendency of fraud investigations,...

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