JP Morgan must face suit from Ray-Ban maker after crooks drained $272m from accounts A New York federal judge told JP Morgan Chase Bank this week that he would not toss a lawsuit accusing the bank of ignoring red flags when cybercrooks stole $272 million from the New York account of the company that makes Ray-Bans in 2019. In an opinion and order filed on Wednesday [PDF], US District Judge Lewis Liman …
I've designed automated systems that reconcile in house bookkeeping with electronic bank statements that provide alerts if there is a difference (over a certain threshold) between both sets of numbers, forcing some kind of user intervention to guarantee the alerts are dealt with.
There is some leeway for small inconsistencies, but it's usually a few euros, certainly not a quarter of a billion!
That shows the level of cleverness in Luxottica. This was the idea of one of Del Veccchio's "sons" who actually never understood why Google's and Snapchat's glasses were a failure - but allows him to hold a lavish lifestyle in California pretending to take care of such "business" - which is why JP Morgan didn't complain about transfers exceeding limits - I guess it happened before but "someone" told them it was fine.
BTW, they are not augmented reality glasses - they are just glasses that takes photos. Really, low-level technology stuff, and the kind of privacy-breaking one.
"described as a 'complex fraud orchestrated by international cybercriminals.'"
Yes, complex. Anything less and we look like we're idiots
"claimed to have isolated the infected servers and installed software patches" - (with the support of leading external antivirus experts.) LMFAO
RIP Computer Science
With every company getting popped by "sophisticated" hackers, I just have to LOL
Have they considered hiring a plumber? you know, to fix the computer which is not much different than a toilet (This is how companies view I.T)
That's what you get for using a big bank and not having a team of accountants watching it. You have to dispute every fee, protest every change of terms, and NEVER let your account balance decline enough that you become the bank's prey.
I'm sure they can hire a JP Morgan fraud investigator for... it's a lot and it's not targeted towards "smaller" customers. So sorry. Also, the balance went negative after the last fee for not maintaining the minimum balance. Your account is closed and the last 12 outbound checks are being reversed to recover past due fees to the bank.
Holy crap!
JP Morgans defence is "the criminals asked for your money, therefore ONLY the criminals can ask for a refund as they are "the sender".
Was at that point I've informed every single friend/colleague I know of that works for a corporation with JP Morgan accounts of their 'defence' and advised them to raise this via their finance department to change banks. Quite a few of those people are finance directors.
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