Court Rejects Bank Suit vs. Hacked Customer (BankInfoSecurity)

Decision involving fraudulent wire transfer could establish a precedent.

A Missouri court rejected BancorpSouth’s attempt to countersue a hacked commercial banking customer, Choice Escrow and Land Title, for losses, damages and legal costs, according to BankInfoSecurity.

In 2010, a fraudulent wire transfer from Choice Escrow’s account at BancorpSouth cost Choice more than $400,000. After Choice sued the bank in 2010 seeking to recover its losses, BancorpSouth filed its countersuit.

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