Cyber Heist Crushes Bank

[Paul Ferguson <fergdawgster () gmail com>]

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Via Defense Tech.

[snip]

Dwelling House Savings and Loan, a 119-year-old thrift, was shut down by
federal regulators on Friday August 14th. The small thrift was said to have
had only about $13.8 million in deposits. Federal regulators have been
concerned about account security at Dwelling House Savings & Loan for
several years.

The S&L suffered a severe blow to its viability late in 2008 when federal
auditors uncovered that around $3 million had been electronically drained
out of its capital account and that the bank was actually operating with
$500,000 in a negative equity position. The cyber theft equated to 21.7
percent of the S&L’s deposit assets.

According to bank officers, cyber thieves (10 to 12 individuals) were
behind the heist via electronic bank transfers that are now being given as
the biggest reason the institution became insolvent and ultimately failed.
Bank officers blamed the heavy losses on the work of a ring of cyber
thieves. Pittsburgh police and FBI agents are investigating the case.

[snip]

More:
http://www.defensetech.org/archives/004983.html

- - ferg

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-- 
"Fergie", a.k.a. Paul Ferguson
 Engineering Architecture for the Internet
 fergdawgster(at)gmail.com
 ferg's tech blog: http://fergdawg.blogspot.com/

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