BUFFALO, N.Y. — KeyCorp told regulators Tuesday that it discovered fraudulent activity that could cost the lender up to $90 million.
According to a filing, around July 9 the parent company of KeyBank N.A. found fraudulent activity "associated with transactions conducted in the third quarter of 2019 by a business customer of KeyBank, a subsidiary of the company."
KeyCorp said it continues to investigate the financial impact to the company. The current $90 million estimate, net of tax, could be lower and depends on whether or not the company is able to recover the funds, the filing said. You can read more on Buffalo Business First's website.