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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.

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