By John Dancu
PlainsCapital bank in Lubbock, Texas is suing its customer, Hillary Machinery Inc., who was hit by a $800,000 cybertheft incident involving unauthorized wire transfers to accounts in Romania and Italy last November.
While the bank later recovered $600k, the customer demanded the bank repay the other $200k claiming the theft happened because the bank’s [...]
Wow, it’s hard to believe that 6 months has gone by since non-banking related creditors and some credit unions got a reprieve from the Nov 1 Red Flag Regulation deadline. Now the question is – are you ready? I’m betting there are still a few companies that must comply that are still confused and think [...]
Well, the credit industry finally has some good news. The new ID Theft Red Flag Regulations which were slated to take effect on November 1 have been pushed back by the FTC and won’t be enforced until May 1, 2009. I guess, the FTC figures banks and creditors have bigger fish to fry right now [...]
