A telemarketing scam has caused a potential gross loss of approximately $5.3 million for the Bank of Bermuda, which provided credit card processing services to the crooks believing their business to be clean. The liability was incurred when victims of the scam began doing charge-backs, leaving the bank, as card processor, ultimately responsible for losses.
Bank of Bermuda counts cost of Canadian telemarketing scam
23 years ago
Topics
Banks & Trusts Bermuda Canada Fraud Listed SecuritiesKeywords
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