Escrow Co Sues Bank Over $440K Cyber Theft
November 30, 2010
Total Loss:
$440,000
An escrow firm in Missouri is suing its bank to recover $440,000 that organized cyber thieves stole in an online robbery earlier this year, claiming the bank’s reliance on passwords to secure high-dollar transactions failed to measure up to federal e-banking security guidelines. The attack against Springfield, Mo. based title insurance provider Choice Escrow and Land Title LLC began late in the afternoon on St. Patrick’s Day, when hackers who had stolen the firm’s online banking ID and password used the information to make a single unauthorized wire transfer for $440,000 to a corporate bank account in Cyprus.
Source:
Krebs On Security
Posted in:
ACH and Wire Fraud