A lawsuit filed by the Garden City Park Water and Fire District against the First National Bank of Long Island alleges that the bank's negligence allowed cybercriminals to steal over $15.5 million from its account. The bank is accused of accepting forged authorizations to facilitate international and domestic wire transfers without due diligence. Although $4.4 million was recovered with law enforcement's help, the utility seeks compensation for the remaining $11.1 million, citing a shocking level of incompetence on the bank's part.
Scammers posing as someone from Garden City Park Water and Fire sent the bank an email requesting authorization forms to make changes to the account.
The scale of the financial loss to the District is staggering, as is the level of gross malfeasance and incompetence demonstrated by the Bank.
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