Thursday, September 24, 2009

Maine Firm Sues Bank After $588,000 Cyber Heist

Brian Krebs writes on Security Fix:

A construction firm in Maine is suing a local bank after cyber thieves stole more than a half million dollars from the company in a sophisticated online bank heist.

On Friday, Sanford, Maine based Patco Construction Co. filed suit in York County Superior Court against Ocean Bank, a division of Bridgeport, Conn. based People's United Bank. The lawsuit alleges that Ocean Bank did not do enough to prevent cyber crooks from transferring approximately $588,000 to dozens of co-conspirators throughout the United States over an eight-day period in May.

People's United Bank spokeswoman Valerie Carlson declined to comment for this story, saying the company is aware of the lawsuit but does not discuss pending litigation.

According to the complaint, the fraudulent transfers began on Thursday, May 7, when thieves who had hijacked the company's online banking credentials initiated a series of transfers totaling $56,594 to several individuals that had no prior businesses with Patco. The company alleges that this pattern of fraud continued each day of the following business week, during which time the thieves made additional batches of fraudulent transfers totaling $532,257.

More here.


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