Court says Bank must pay after customer is hacked
June 16, 2011
Total Loss:
$560,000
A Michigan court has ruled that Comerica Bank is liable for a US$560,000 cyberheist, saying the bank should have done a better job to spot millions of dollars in fraudulent transactions after one of the bank's customers was tricked in a phishing attack two years ago.
In a June 13 decision, the court ruled in favor of Experi-Metal, a Sterling Heights, Michigan, custom auto-parts maker that had sued Comerica after the January 2009 incident. In just a few hours, criminals tried to move millions of dollars to Eastern Europe before Comerica's fraud department shut down the scam. Most of the money was recovered, but in his ruling Judge Patrick Duggan of the U.S. District Court for the Eastern District of Michigan said that the bank should have done a better job of stopping the fraud.
Source:
Computerworld
Posted in:
ACH and Wire Fraud