August 1, 2011
Associate Christopher M. Loeffler was quoted in the CFO
article entitled, "Online Banking Fraud: Who Pays?" The article discusses how more lawsuits are pressing the issue of whether or not companies are liable when hackers attack. When it comes to draining corporate bank accounts, most thieves are masquerading in a more muted way: as finance executives. Yet in the end, who's to blame, and more importantly, who's going to pay - the companies or the banks put in place to protect their funds?
Mr. Loeffler gave his insight, noting that, although this is nothing new, fraudulent attacks have "moved from the consumer sector over to the business sector," where higher balances yield greater rewards for thieves. Mr. Loffler continued, suggesting that terms of standard banking agreements include measures for situations such as this.