Landmark Wire Fraud Case Comes To Close

From Bank Info Security

The two parties agreed in mid-November to settle their differences. People's United will pay PATCO for the losses the construction company suffered after a series of fraudulent wire transfers hit the company's commercial account, says Mark Patterson, co-owner of PATCO.

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The article mentioned other cases in which businesses lost money due to fraud and the banks refused to reimburse the businesses for the loss. Most of these cases have been settled out of court.

Business bank accounts don't have the same legal protections as consumer bank accounts. So it's especially important for businesses to protect their bank accounts from hackers. Clark Howard has some useful tips for small businesses on this issue.