People’s United Bank Reaches ACH Fraud Settlement

By  |  November 29, 2012
 | 

People’s United Bank – formerly known as Ocean Bank – has reached a settlement over the loss of over $500,000 from Patco Construction Company’s online bank account in 2009.

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    Malware was used to steal the money from Patco’s account, for which People’s Bank had security measures deemed “commercially unreasonable” by the First Circuit Court of Appeals in Boston, reports Finextra.

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