Two lawsuits have been filed against a California bank in the aftermath of account takeover incidents. One involves three suspicious wire transactions approved by First Foundation Bank and sent to Russia and China. Debate has circulated around how and why these transactions were approved by the bank. Online banking glitches brought on by a new Internet-banking platform are to blame for the takeovers, attorneys say. One lawsuit alleges the bank put customers at risk by not performing due diligence when it came to vendor management. The Efficient Services Escrow Group had to close its business because of the losses.”]
Source: https://www.cuinfosecurity.com/account-takeover-bank-faces-two-suits-a-6695