Litigation
Aug. 6, 2014
Banks gain ground in wire transfer fraud cases
Financial institutions have been pelted with a number of lawsuits from their small business clients in recent years after hackers stole passwords from the businesses and used them to create fraudulent wire transfers.
Daily Journal Staff Writer
When hackers stole Choice Escrow & Land Title LLC's banking login and password and transferred $440,000 to an account in Cyprus, the business turned around and sued its bank. It claimed BancorpSouth Inc. had inadequate fraud protection and detection systems and should bear the cost of the wire transfer fraud.
Financial institutions have been pelted with a number of similar lawsuits in recent...
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