Bank of America Just Sent Out 3.2 Million Erroneous Notifications About Fraud Claims to Merrill Lynch and Private Bank Clients

1

Bank of America inadvertently sent more than 3.2 million email notifications to Merrill Lynch Wealth Management clients and private banking clients on Tuesday. The root cause of the erroneous emails sent to clients had not been determined as of Tuesday morning, according to an internal memo reviewed by Business Insider.

The emails were sparking a surge in call volume from clients, the memo said.Visit Business Insider’s homepage for more stories.

Bank of America inadvertently sent millions of erroneous email notifications regarding fraud claims to Merrill Lynch Wealth Management clients and private banking clients on Tuesday morning, according to an internal memo reviewed by Business Insider.

“Our partners have determined an error was made during a standard template update in the customer notification process which resulted in over 3.2 million notifications inadvertently being delivered to customers who previously had a Credit or Debit card claim,” the memo said.

The emails were sparking a surge in call volume from clients, the memo said. “Client receives the historical fraud claim email and log online to review the details – given they are not seeing the transaction details online they are calling into the contact centers to inquire about the email,” the memo read.

The root cause of the erroneous emails sent to clients had not been determined as of Tuesday morning, and the firm’s consumer fraud and technology teams were engaged. The firm has verified it was not a phishing email, the memo said.

“Technical teams will also be working to ensure additional controls are added to ensure this issue does not occur again in the future,” the memo said.

SEE ALSO: Merrill Lynch has restarted hiring for its ultra-competitive 3,000-person financial advisor trainee program after hitting pause for months amid the pandemic

SEE ALSO: Leaked memo shows Bank of America’s talking points for staffers on how to handle the next round of PPP loans — and warns that funds likely won’t meet ‘extreme need and demand’

From: https://usa-today-news.com

Source: Business Insider

bevtraders-2

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.