Cyber Gangs Raise Profile of Commercial Online Bank Security

tsu doh nimh writes "The Washington Post's Security Fix blog has published a rapid-fire succession of investigative stories on the theft of hundreds of thousands of dollars from companies, schools, and public institutions at the hands of organized cyber thieves and 'money mules,' willing or unwitting people recruited via online job scams. Some businesses are starting to challenge the financial industry's position that they are not responsible for online banking losses from things like keystroke logging malware that attacks customer PCs. Last week, a Maine firm sued its bank, saying the institution's lax approach to so-called multi-factor authentication failed after thieves stole $588,000 from the company, sending the money to dozens of money mules. The same group is thought to have taken $447,000 from a California wrecking company, whose bank also is playing hardball. Most recently, the Post's series outlined a sophisticated online system used by criminals to recruit, track and manage money mules."

Hmm

[Anonymous Coward]

, a Maine firm sued its bank, saying the institution's lax approach to so-called multi-factor authentication failed after thieves stole $588,000 from the company, sending the money to dozens of money mules

I don't see how this is the bank's fault; the thieves stole the money before the security system was broken.