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Bank sues cybercrime victims for stolen funds

Posted on: May 12th, 2013

Bank sues cybercrime victims for stolen fundsKrebs is reporting from North Carolina that Park Sterling bank is immediately suing its customers Wallace & Pittman, which is a law firm and is demanding to return all the funds bank has provided them in order to recover funds that were stolen by hackers.

The hackers have committed this deceitful wire transfer for an amount of $336,000 from the bank account of the company by giving exact details such as username, password, Pin code and even security questions. The bank straight away transferred the funds to a bank in New York, before the funds were moved to a bank in Moscow.

The firm has confirmed that this fraud was done through phishing by using a message from National Automated House Association and it also involves key logging malware. The bank transfers the funds to the firm and was hoping for the pay back of the loan by the end of the month. After that the law firm has filed a case in the court against the bank demanding that the bank cannot retrieve the money and moreover they have withdrawn all the funds from the bank.

The bank is now suing the firm for the funds plus the interest on the amount.

The firm responded by saying that it was never regarded as a loan and moreover the bank didn’t start calling it a provisional credit even after ten days of transfer. The firm also clears that initially it was regarded as a reverse previous wire entry by producing an online ledger transaction. The firm also clears that the PSB has insufficient security measures and they should have investigated this international wire transfer before initiating this, as all of us are aware by the frauds and stealing money online.

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