Court Favors Bank in Fraud Dispute; Customer Had Declined Dual Authentication
More on the lawsuit and countersuit between Choice Escrow and Land Title and BancorpSouth, mentioned previously on this blog. Tracy Kitten reports:
A federal court has sided with a Mississippi bank in a lingering dispute with a customer over financial losses linked to an account takeover incident dating back to March 2010. That means the bank will not have to cover the cost of the loss or pay damages.
On March 18, in a summary judgment filed in a U.S. District Court in Missouri, a magistrate judge favored BancorpSouth in its legal dispute with Choice Escrow Land Title LLC over a $440,000 loss that resulted from fraudulent wire transfers.
Read more on BankInfoSecurity.com.