Between December 2012 and January 2013, Efficient Services Escrow Group of Irvine, Calif., had $1.5 million drained from its account with First Foundation Bank. Three separate wire transfers were made to accounts in Russia and China, yet no one raised a flag until Feb. 22, when it was too late to recover most of the funds.
On Feb. 28, the California Department of Corporations stepped in and froze the escrow company's activity.
Since then, a state investigation determined Efficient Services was the victim of a cyber-attack. But the escrow company, unable to make up for its losses, has closed.
This Bank Info Security Article features Bernstein Shur Attorney Dan Mitchell.
Please see full article below for more information.
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