Company Reaches Settlement on Online Account Hack (BankInfoSecurity)

Village View Escrow settled with its bank after cyberthieves stole $400,000 from its account in 2010.

Village View Escrow, a Riverside, Calif. escrow company, settled a long-running dispute with its bank, Professional Business Bank, over a 2010 incident in which hackers drained $400,000 from the company’s bank account. The amount of the settlement was not disclosed, but it reportedly covers all of the money Village View lost in the theft, plus interest.

 

Full BankInfoSecurity story.

For a story about earlier verdicts in such cases, see Diverging Decisions on Banks’ Responsibility for Cybercrimes. For more about online thefts from corporate bank accounts, see Beware Online Banking Thieves.

 

 

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