Calif. Co. Sues Bank Over $465k eBanking Heist — Krebs on Security.

Village View Escrow is suing Professional Business Bank for losses of $465,000 resulting from “26 consecutive fraudulent wire transfers to 20 individuals around the world who had no legitimate business with the firm.

The precedent is the Experi-Metal case against Comerica.

Charisse Castagnoli, an independent security consultant and adjunct professor at the John Marshall Law School, said the Village View lawsuit relies on similar claims made by Experi-Metal, arguing that its financial institution failed to act in good faith and that its online banking security procedures were not commercially reasonable.