Bank technology

Data Breach Complaint Against Professional Business Bank Settled

By Sean Sposito June 21, 2012, 11:33 a.m. EDT 1 Min Read

A Redondo Beach, Calif. escrow company settled its bank transfer hacking case against its former bank this week, according to internet security blog insideprivacy.com.

In 2010, Village View Escrow said that a weakness in Professional Business Bank's security lost Village View more than $400,000 after its account was broken into by internet criminals. Professional Business Bank of California failed to use multi-factor authentication, according to a complaint, in order to process those transactions.

Professional Business Bank agreed to pay Village View back the amount it lost plus interest, the website says.

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