$1.5 million Cyberheist Ruins Escrow Firm
Summary: A $1.5 million cyberheist forced Huntington Beach, Calif.-based Efficient Services Escrow Group to close and lay off its entire staff of nine employees. The heist began in December 2012 with a roughly $432,215 fraudulent wire to a Moscow bank, followed in January by two more wires totaling $1.1 million to accounts in China's Heilongjiang Province; the Russia wire was recovered, but the $1.1 million was gone.
What you should know: The California Department of Corporations gave the firm three days to replace the stolen funds, and when it could not, the state shut it down - a reminder that for escrow and title firms, a single fraudulent wire can end the business before any recovery effort begins.
Read the original at Krebs on Security ↗
- Topics
- Data Breaches
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