By Linda McGlasson
Bank Info Security
December 9, 2010
A Missouri-based escrow company has sued its bank after losing $440,000
in a case of wire fraud.
The suit, filed on Nov. 23, alleges that Choice Escrow of Springfield,
Mo. was a crime victim because its bank, BankcorpSouth, didn't provide
"commercially reasonable security." Via malware, hackers stole Choice
Escrow's BancorpSouth online banking ID and password and on March 17
fraudulently wired $440,000 overseas to a bank in Cyprus.
"BankcorpSouth did not offer us a commercially reasonable security
method for access to our online account," says Jim Payne, Choice
Escrow's manager of business development.
BankcorpSouth, a $14.3 billion bank headquartered in Tupelo, Miss., says
it doesn't comment on pending litigation, and would not comment on this
lawsuit, according to BankcorpSouth's corporate communications head
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