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Bank Not Responsible for Money Lost in Cyberheist, Court of Appeals Decides

20
Jun
2014

The Court of Appeals for the Eight Circuit has denied an escrow firm, Choice Escrow, recovery of $440,000/323,000 EUR from the bank BancorpSouth, which approved a fraudulent wire transfer request. Back in 2010, Choice Escrow lost the money because an attacker managed to get their hands on the online banking credentials for the companys bank account. The cybercriminal initiated the transfer to a bank account in Cyprus. They filed a lawsuit against BancorpSouth in order to recover the l…

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