Barclays Bank USA, the world’s biggest credit card issuer, is facing a massive audit over its fraudulent activity.
The report from the US Securities and Exchange Commission says that the bank, whose card systems are vulnerable to fraud, has already incurred losses of more than $100 billion since 2011.
The company is facing scrutiny for the use of sham cards that allow consumers to buy and sell things they don’t want, or fake bills that don’t even exist.
These charges can easily be paid off in a matter of minutes.
Barclays has faced a number of investigations in recent years.
In February 2017, it was fined $50 million by the Justice Department and $60 million by a judge in the Southern District of New York.
In 2016, Barclays was fined nearly $600 million by regulators and the Securities and Commodities Futures Trading Commission (SCC), for fraud related to the $5 billion trading of its derivatives products.
In May, it agreed to pay $1 billion to settle charges by the Securities & Exchange Commission and the Department of Justice related to fraudulent transactions on its debit cards.
Barceloniers board of directors is expected to vote in the coming days on whether to approve the bank’s settlement with the SCC and DOJ.