A Texas manufacturing firm is suing its cyber insurance provider for refusing to cover a $480,000 loss following an email scam that impersonated the firm’s chief executive.
A Texas bank that’s suing a customer to recover $1.66 million spirited out of the country in a 2012 cyberheist says it now believes the missing funds are still here in the United States — in a bank account that’s been frozen by the federal government as part of an international cybercrime investigation by the FBI.
A California escrow firm that was forced out of business last year after a $1.5 million cyberheist is now suing its former bank to recoup the lost funds.
A state-appointed receiver for the now defunct Huntington Beach, Calif. based Efficient Services Escrow has filed suit against First Foundation Bank, alleging that the bank’s security procedures were not up to snuff, and that it failed to act in good faith when it processed three fraudulent international wire transfers totaling $1,558,439 between December 2012 and February 2013.
Federal authorities have arrested two young brothers in Fresno, Calif. and charged the pair with masterminding a series of cyberheists that siphoned millions of dollars from personal and commercial bank accounts at U.S. banks and brokerages.
A fuel distribution firm in North Carolina lost more than $800,000 in a cyberheist this month. Had the victim company or its bank detected the unauthorized activity sooner, the loss would have been far less. But both parties failed to notice the attackers coming and going for five days before being notified by a reporter.
Organized hackers in Ukraine and Russia stole more than $1 million from a public hospital in Washington state earlier this month. The costly cyberheist was carried out with the help of nearly 100 different accomplices in the United States who were hired through work-at-home job scams run by a crime gang that has been fleecing businesses for the past five years.
A bank that gave a business customer a short term loan to cover $336,000 stolen in a 2012 cyberheist is now suing that customer to recover the fronted funds, after the victim company refused to repay or even acknowledge the loan.
An Oregon agricultural products company is suing its bank to recover nearly a quarter-million dollars stolen in a 2010 cyberheist. The lawsuit is the latest in a series of legal challenges seeking to hold financial institutions more accountable for costly corporate account takeovers tied to cybercrime.
A Missouri court last week handed a legal defeat to a local escrow firm that sued its financial institution to recover $440,000 stolen in a 2009 cyberheist. The court ruled that the company assumed greater responsibility for the incident because it declined to use a basic security precaution recommended by the bank: requiring two employees to sign off on all transfers.
A Christmas Eve cyberattack against the Web site of a regional California financial institution helped to distract bank officials from an online account takeover against one of its clients, netting thieves more than $900,000.