In a case that we have written about here and here, People’s United Bank of Maine has agreed to pay about $ 390,000 to settle a claim that its security practices allowed unauthorized persons to withdraw funds from a construction company’s account (Patco Construction Co. v. People’s United Bank, D. Me., No. 09-503, agreed dismissal filed 11/19/12)…. Continue Reading
Tag Archives: fraudulent bank transfers
“Reasonable” security does not necessarily equal “best” security – even if ACH fraud involved
Posted in UncategorizedWritten by Stu Eaton Bank Info Security reports that a magistrate for the U.S. District Court in Maine issued an Order that further defines what constitutes “reasonable” security practices. The Order, which must be approved by the judge, recommends dismissal of a complaint filed by PATCO Construction Company against Ocean Bank regarding more than $500,000… Continue Reading
