Bank Not Responsible for Money Lost in Cyberheist, Court of Appeals Decides

The Court of Appeals for the Eight Circuit has denied an escrow firm, Choice Escrow, recovery of $440,000/323,000 EUR from the bank BancorpSouth, which approved a fraudulent wire transfer request. Back in 2010, Choice Escrow lost the money because an attacker managed to get their hands on the online banking credentials for the companys bank...