Tennessee utility sues its bank after a $327,000 account takeover incident. The case shows why institutions must go above and beyond when it comes to detecting and thwarting fraud losses. Experts say it is going to put the onus on the bank to prove it took every possible measure to protect its customer from fraud. A banking fraud expert says even if a commercial customer’s account is taken over because of a phishing attack and subsequent malware infection that resulted because of the customer’s negligence, banks have struggled to prove their security measures were reasonable.”]
Source: https://www.cuinfosecurity.com/account-takeover-utility-sues-bank-a-7190