Village View Escrow Inc. lost nearly $400,000 after its online bank account was taken over by hackers. Out-of-court settlement shows it’s getting more difficult for banks to avoid liability, experts say. The settlement reinforces the number of legal variables that have to be reviewed and considered after incidents of ACH and wire fraud. Court rulings on previous disputes over incidents of corporate account takeover have set no consistent legal precedents, expert says. The cases are going to get down to some very, very specific details, he says.”]
Source: https://www.bankinfosecurity.com/lessons-from-fraud-settlement-a-4877