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Hackers steal $487K from Washington town
King 5 News ^ | 10/14/2012 | JOHN LANGELER / KING 5 News

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 ...


TOPICS: Crime/Corruption; Government; US: Washington
KEYWORDS: hackers; hacking
Russia? China? Obama Campaign fund?
1 posted on 10/15/2012 4:52:05 PM PDT by aimhigh
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To: aimhigh
"We really don't know exactly how it happened," said City Manager Bryan Harrison. "Multiple banks in multiple states involved."

I hope Mr. Harrison is among the very first investigated.

2 posted on 10/15/2012 4:59:59 PM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: aimhigh
Who's turn was it to watch Jon Corzine?
3 posted on 10/15/2012 5:04:32 PM PDT by NativeSon ( Grease the floor with Crisco when I dance the Disco)
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To: aimhigh

Possibility:

“From bkhal | 08/01/2011 12:34:13 PM PDT read
Dear,
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 (bkhal1@yahoo.com)
Regards,
Miss Binta”


4 posted on 10/15/2012 5:12:19 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: Steely Tom

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.


5 posted on 10/15/2012 5:13:32 PM PDT by TheConservator ("I spent my life trying not to be careless. Women and children can be careless, but not men.")
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To: aimhigh

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.


6 posted on 10/15/2012 7:55:19 PM PDT by Migraine (Diversity is great; until it happens to YOU.)
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