Bank of America Addresses Fraud
Bank of America and the California State Assembly convened a meeting to discuss the massive financial frauds being committed on the bank. Fraud that could potentially have been averted by utilizing the right artificial intelligence and machine learning technologies.
According to ABC News, On Jan. 14, 2021, “a class-action lawsuit was filed against Bank of America, claiming the bank did not do enough to stop the scammers. The suit, Yick v. Bank of America, alleges that BofA did not properly secure its debit cards with chip technology, did not prevent data breaches on its accounts, and failed to reimburse victims as required by the bank’s contract with the EDD.”
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