Bank Sues Victim over Cyber Theft
PlainsCapital Bank in Texas is suing Hillary Machinery Inc after the customer was hit by a cyber theft of $800,000. Late last year, hackers in Italy and Romania conducted a series of unauthorized wire money transfers of around $800,000, of which PlainsCapital Bank recovered around $600,000.
The victim proceeded to demand that the bank repay the rest of the money, claiming that the theft occurred because the bank failed to implement appropriate security measures. The bank immediately filed suit with the local Texas court asking that it certify that the bank’s security measures were “commercially reasonable.”
The bank claims that the wire transfers were conducted using valid banking credentials. However, the victim claims that the bank failed to utilize fraud detection methods and strong authentication procedures which could have stopped the heist.
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