Security News > 2010 > December > Wire Fraud Victim Sues Bank
http://www.bankinfosecurity.com/articles.php?art_id=3159 By Linda McGlasson Managing Editor Bank Info Security December 9, 2010 A Missouri-based escrow company has sued its bank after losing $440,000 in a case of wire fraud. The suit, filed on Nov. 23, alleges that Choice Escrow of Springfield, Mo. was a crime victim because its bank, BankcorpSouth, didn't provide "commercially reasonable security." Via malware, hackers stole Choice Escrow's BancorpSouth online banking ID and password and on March 17 fraudulently wired $440,000 overseas to a bank in Cyprus. "BankcorpSouth did not offer us a commercially reasonable security method for access to our online account," says Jim Payne, Choice Escrow's manager of business development. BankcorpSouth, a $14.3 billion bank headquartered in Tupelo, Miss., says it doesn't comment on pending litigation, and would not comment on this lawsuit, according to BankcorpSouth's corporate communications head Randy Burchfield. [...] ___________________________________________________________ Tegatai Managed Colocation: Four Provider Blended Tier-1 Bandwidth, Fortinet Universal Threat Management, Natural Disaster Avoidance, Always-On Power Delivery Network, Cisco Switches, SAS 70 Type II Datacenter. Find peace of mind, Defend your Critical Infrastructure. http://www.tegataiphoenix.com/