Friday, November 07, 2008

Security Expert Talks Russian Gangs, Botnets

Robert Vamosi writes on the C|Net "D3F3NS3 1N D3PTH" Blog:

In February of 2005, a Miami man sued Bank of America for not adequately protecting him against a $90,000 fraudulent wire transfer to the Parex Bank in Latvia. Joe Lopez was the first online user to sue his financial institution for not protecting his assets from a computer hacker.

Lopez, owner of a computer and copier supply business, accused Bank of America of negligence and breach of contract for not alerting him in advance to the existence of a piece of malware known as "CoreFlood" prior to April 6, 2004, when the alleged theft took place. Shortly after the wire transfer occurred, the sum of $20,000 was withdrawn from Parex by unknown individuals, according to the complaint filed in court. The remaining sum was, however, frozen by Latvian banking authorities. The Bank of America has since settled; neither side has revealed the terms.

More here.


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