Originally Posted by Crazy9000
It says they did it in smaller single transactions, presumably making a lot of them. The bank caught it and was able to reverse about half of them it sounds like.
I originally thought that was the case but it says this:
Originally Posted by Wired Article
Patco Construction Company, a family-owned business in Sanford Maine, sued Ocean Bank, which is owned by Peopleâ€™s United Bank, after discovering in May 2009 that hackers were siphoning about $100,000 per day from its online bank account.
At that rate, the ACH transactions would have all appeared in the hackers account around the same time, even if it was done in dozens or hundreds of small transactions each day. So one day the hacker woke up and saw an available balance of $100,000 and the next, $200,000 and so on if it was all sent to the same account. The only thing I can figure is the following has to happen:
- The hackers have some serious inside connections with bankers, law enforcement and government officials
- They used dozens; if not thousands of accounts for the ACH transactions under stolen identities and then sent teams of theives out to hit ATM's to cash out.
Regardless, these are some true masterminds at work.
I personally think it's a two way street as far as responsibility goes; the bank should have noticed these large and irregular transactions and the account owners should have kept up on their account. I personally know where every single cent goes in my accounts and if this sort of thing happened to me my account would be frozen ASAP; not several days later.