Home State Bank Charged Against Theft of $306,014 in a Hacking Incident
A lawsuit has been filed against the Home State Bank, which was to safeguard an amount of more than $300,000 credited to Crystal Lake School District 47. This amount was paid to the District by an insurance company following a hacking incident into the District's online account in 2009.
According to the district, the bank was charged for fraudulently transferring funds and according to the lawsuit, investigations are required to be conducted against the bank. However, according to Steven Slack, Bank President, bank officials are quite confident about not being indulged in any illegal events, as per news published in TRIB local on July 25, 2011.
The lawsuit followed that the personal details compromised in the hacking event were used for accessing the online banking system of Home State Bank, and 46 fraud attempts of transferring funds to unknown people were made during June 24-30, 2011 using an account utilized for making direct deposit payroll payments.
The insurance company is however trying hard to get back their money, claimed Slack and it is not all surprising that it is advancing quite rapidly in this endeavor as reported in TRIB local on July 25, 2011.
According to the court documents, the lawsuit claimed that the defendant was supposed to safeguard the District 47's account and protect it from any illegal transactions or events, and lastly ensure that the bank fulfilled according to the set commercial practices.
Furthermore Robert Cormier Jr., Executive Vice-President reported that the suit was not served to Home State Bank till July 20, 2011. He refrained from commenting anything on the lawsuit and further claimed that there was an excellent rapport between the bank and the district, reports North-West Herald on July 26, 2011.
Furthermore Robert Cormier Jr., Executive Vice-President reported that the suit wasn't yet served to Home State Bank as on 20th July 2011. And while he refrained from remarking about the lawsuit, he maintained that there was an excellent rapport between the bank and the district so far as work was concerned. North-West Herald published this in news on July 26, 2011.
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