Two lawsuits filed against a California bank in the aftermath of account takeover incidents dating back to 2012 and 2013. One involves three suspicious wire transactions approved by Irvine-based First Foundation Bank and sent to Russia and China. Debate has circulated around how and why these transactions were approved by the bank. One suit alleges First Foundation should not have approved an $18,000 wire transfer to a Ukrainian account in December 2012. Another alleges the bank’s security procedures failed to address suspicious activity in a timely manner. Both lawsuits raise questions about how banking institutions should respond when suspicious account activity occurs.”]
Source: https://www.databreachtoday.com/account-takeover-bank-faces-two-suits-a-6695