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$2.7 Million Stolen From Customer Accounts Admits Citigroup

Citigroup has finally admitted that millions of dollars were stolen from its customers’ credit card account during a hack attack on its network last month.

The financial services provider reportedly told CNN (opens in new tab) that approximately $2.7 million was stolen from some 3,400 accounts during the security breach that occurred on May 10.

Apparently, as acknowledged by Citigroup officials, the perpetrators got access to a much larger number of accounts - 360,083 to be specific, but removed money from merely 1% of those.

The bank, however, assured its customers that they won’t have to bear the burden of these financial losses that resulted from the loopholes present in its cyber security.

"Customers are not liable for any fraud on the accounts and are 100% protected," the bank said.

The bank officials also claimed that all necessary actions were taken rightaway to prevent any further damages.

"From the moment Citi discovered the breach, we took immediate action to rectify the situation and protect any customers potentially at risk," Citigroup said in a written statement earlier this month.

However, the bank may eventually find itself in more trouble as it allegedly waited for almost 3 weeks in notifying the affected customers about the breach.

Ravi Mandalla was ITProPortal's Sub Editor (and a contributing writer) for two years from 2011. Based in Ahmedabad, India, Ravi is now the owner and founder of Parity Media Pvt. Ltd., a news and media company, which specializes in online publishing, technology news and analysis, reviews, web site traffic growth, web site UI. Ravi lists his specialist subjects as: Enterprise, IT, Technology, Gadgets, Business, High Net Worth Individuals, Online Publishing, Advertising, Marketing, Social Media, News, Reviews, Audio, Video, and Multi-Media. He has also previously worked as Dy. Manager - IT Security at (n)Code Solutions.