In The News
PlainsCapital Bank drew media coverage due to a lawsuit with Plano-based Hillary Machinery, Inc. regarding fraud. While PlainsCapital aided in recouping much of the funds, according to the suit, the bank sought to avoid refunding Hillary Machinery the remaining $205,000 that was taken from their account by overseas hackers using valid credentials. Romanian hackers transferred large sums of cash to an overseas checking account without adequate security measures. While the transfers were initiated using valid log-in credentials, the customer alleges there were details that should have stopped the transfers. According to the Hillary Machinery, the money was being transferred to foreign destinations. Transfers were made in a two- or three-day period, many of them involving sums that were outside the normal range of transfers initiated by the customers. Some of the transfers involved sums in excess of $100,000, while others were as small as $2,500. Each of the transfers was also made to a different account, which was unusual. The lawsuit was later settled. The details of the settlement were not disclosed.(http://mobile.computerworld.com/device/article.php?CALL_URL=http://www.computerworld.com/s/article/9149218/Bank_sues_victim_of_800_000_cybertheft)
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