AOH :: ISNQ7196.HTM

Wire Fraud Victim Sues Bank




Wire Fraud Victim Sues Bank
Wire Fraud Victim Sues Bank



http://www.bankinfosecurity.com/articles.php?art_id=3159 

By Linda McGlasson
Managing Editor
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 
Randy Burchfield. 

[...]


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