A California escrow firm that was forced out of business last year after a $1.5 million cyberheist is now suing its former bank to recoup the lost funds.
Efficient Services Escrow has filed suit against First Foundation Bank, alleging that the bank’s security procedures failed, and that it failed to act in good faith when it processed three fraudulent international wire transfers totaling $1,558,439 between December 2012 and February 2013, said security blogger Brian Krebs. Efficient Services Escrow allege that a component of the bank’s core security protection failed in the days leading up to the fraudulent transfers.