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Your Money Is No Longer Safe At The Bank

According to newser, hackers managed to steal over $300,000 from a client’s Ocean Bank account, but according to a Maine judge’s ruling, the bank is not responsible. The judge understood that the bank didn’t follow the best security practices, but rules that the customer should have done more to protect the account. What?! Did a judge just blame the customer for choosing to trust a bank with his money?

The hackers got access to Patco Construction (the victims) Company’s banking credentials by sending a malicious e-mail to employees and then installing a password-stealing Trojan. When the hackers/thieves started siphoning $100,000 per day from the account, Patco says alarms were raised at the bank, but the bank did not do anything about it.

The family-owned business didn’t realize what happened until $600,000 were lost through fraudulent transfers. The bank was able to block $240,000 of the transfers, but the company lost the rest of the money!

The judge claims that the customer should have known better when signing up with a bank with less than optimal security, in this case, a simple user ID and password. If you can’t trust banks, who can you go to?

Photo Courtesy of jollyUK
Photo Courtesy of DavidB