Linda McGlasson reports:
In another round of bank vs. customer, a Maine business has sued its bank, alleging that the institution failed to prevent fraudulent ACH transactions totaling more than $500,000.
Patco, a Sanford, Maine-based construction company, had its corporate bank account raided over a six-day period last May by cyber thieves who were able to move over $588,000 to dozens of money mules throughout the country.
The business was able to recover only $230,000 of the stolen funds and has sued its bank, Ocean Bank of Portsmouth, NH, for failing to detect and prevent the bogus transfers.
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