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Yet Another Bank Sued By A Small Business For Fraudulent Hacker Transfers

A new court case brought to bear against Professional Business Bank by Village View Escrow Inc. continues the battle waged over who’s to blame for hacking attacks that leave small-business accounts drained following online password theft. Village View’s lawyers say the bank should be on the hook for $465,000 siphoned off by hackers in March 2010, plus bank fees and damages incurred by the loss. Small businesses have lost $250 million due to similar attacks, and banks in charge of securing those accounts are skirting legal responsibility due to inadequacies of the “Authentication in an Internet Banking Environment” guidance.”]

Source: https://www.darkreading.com/attacks-breaches/yet-another-bank-sued-by-a-small-business-for-fraudulent-hacker-transfers

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