logo
Plus   Neg
Share
Email

KeyCorp Reveals Financial Fraud By Business Customer - Quick Facts

KeyCorp (KEY) said it has found out a fraudulent activity by a business customer which could result in a potential loss to company of up to $90 million, net of tax. The transactions were conducted in the third quarter of 2019 by a business customer of KeyBank National Association. KeyCorp said it is trying to recover the funds and to reduce the financial impact.

KeyCorp is also working with law enforcement agencies related to the incident. The company currently believes the fraudulent activity is an isolated occurrence.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT