Skip to comments.Hackers steal $487K from Washington town
Posted on 10/15/2012 4:51:59 PM PDT by aimhigh
The City of Burlington is struggling after someone stole $487,000 from the city's $4 million general fund at Bank of America. "We really don't know exactly how it happened," said City Manager Bryan Harrison. "Multiple banks in multiple states involved."
(Excerpt) Read more at kgw.com ...
I hope Mr. Harrison is among the very first investigated.
“From bkhal | 08/01/2011 12:34:13 PM PDT read
Greetings to you, my name is Binta a lady from Sudan</ span>, I have a
legitimate deal that worth lots of funds but needed an overseas person to
claim and invest it with my plans.
Can you promise safety of my share of the funds, before given you
the details of the deal as we have not met each other before?
I will appreciate your timely response urgently with your direct contact
information for easy communication.
If you accept this offer, I will appreciate your quick response
to my private email address (firstname.lastname@example.org)
Actually, this can happen to anyone. All a hacker has to do is to get the proper key-logging virus going on your system, and obtain the keystrokes executed by one of your employees accessing your on-line bank system.
The hackers use this information to electronically transfer funds out of your account, into a foriegn account. They see if you and your bank can figure out what happened in time to permit your bank to reverse the transfer before it is irrevocably accepted under the rules applicable to the banking system
Consumers have statutory protections against loss in this circumstance that businesses do not. Under the statute applicable to businesses, the bank is liable only if you show it does not have a “commercially reasonable” system in place to detect and prevent such transfers. Since the bank will fight a claim that it did not act “commercially reasonably” tooth and nail, it can be quite the hassle having to prove that your bank failed to have such systems in court.
If you are not protected by the limited liability applicable to consumers, you really should think twice about keeping funds in an electronically accessible account.
Inside job with a plausible fall-guy (probably a tech supervisor) to charge with embezzlement.
Reminds me of Harrison Ford’s movie, “Firewall”.
I’d bet on it.