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Tennessee firm blames bank for $193K cybertheft

Jaikumar Vijayan | Aug. 14, 2014
TEC Industrial sues TriSummit bank for failing to spot fraudulent wire transfers.

However, the Court of Appeals for the First Circuit ruled in favor of the victim in a similar case involving a Maine-based construction company. In that case, a three-judge panel overturned a lower court ruling and held that the bank was responsible for the breach because it had failed to implement reasonable security measures. The two parties later settled the case.

 

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