By Jordan Harris – 06/16/11
Courts in Michigan ruled in favour of Experi-Metal Inc. (EMI) 18 months after the case started:
- The bank was found liable for $560,000 to cover the funds lost
- ”Had the bank had any sort of follow-up or backroom security in place, they would have picked up on the fact that these were fraudulent transactions.” – Richard Tomlinson, EMI’s Attorney
- The bank was aware of phishing scams on its customers but did not pick up on the 90 fraudulent wire transfers EMI’s inactive account had in one day.
