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Bank of America Wire Transfer Fraud Lawsuit Filed

Posted: November 20, 2018 to Cybersecurity.

Tags: Malware, Data Breach, Compliance

Warminster-based O'Neill Bragg & Staffin and its principals filed a lawsuit in federal court in Philadelphia against Bank of America.  The law firm claims that the bank was responsible for damages done after cybercriminals used a Phishing email to trick a member of the firm into transferring more than a half-million dollars to the Bank of China.  The U.S. District Court alleged that Bank of America breached its duty of good faith and committed actions/inactions that constituted negligence. According to the complaint, Bank of America was notified by the firm several times to stop payment in light of the hack.  Their failure to do so caused a transfer request by the hacker to go thru, resulting in an improper transfer of funds.  How much? $580,000.  The firm wants that amount repaid, plus another $20,000 for fees associated with criminal prosecution in Hong Kong against the alleged attacker, plus additional damages as the court sees fit.  The plaintiffs requested a trial by jury, with the total award amount to be determined at trial. The law firm is represented by Philip S. Rosenzweig of Silverang, Donohoe, Rosenzweig & Haltzman, LLC located in St. Davids, Pennsylvania.

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Craig Petronella, CEO and Founder of Petronella Technology Group
CEO, Founder & AI Architect, Petronella Technology Group

Craig Petronella founded Petronella Technology Group in 2002 and has spent more than 30 years working at the intersection of cybersecurity, AI, compliance, and digital forensics. He holds the CMMC Registered Practitioner credential (RP-1372) issued by the Cyber AB, is an NC Licensed Digital Forensics Examiner (License #604180-DFE), and completed MIT Professional Education programs in AI, Blockchain, and Cybersecurity. Craig also holds CompTIA Security+, CCNA, and Hyperledger certifications.

He is an Amazon #1 Best-Selling Author of 15+ books on cybersecurity and compliance, host of the Encrypted Ambition podcast (95+ episodes on Apple Podcasts, Spotify, and Amazon), and a cybersecurity keynote speaker with 200+ engagements at conferences, law firms, and corporate boardrooms. Craig serves as Contributing Editor for Cybersecurity at NC Triangle Attorney at Law Magazine and is a guest lecturer at NCCU School of Law. He has served as a digital forensics expert witness in federal and state court cases involving cybercrime, cryptocurrency fraud, SIM-swap attacks, and data breaches.

Under his leadership, Petronella Technology Group has served 2,500+ clients, maintained a zero-breach record among compliant clients, earned a BBB A+ rating every year since 2003, and been featured as a cybersecurity authority on CBS, ABC, NBC, FOX, and WRAL. The company leverages SOC 2 Type II certified platforms and specializes in AI implementation, managed cybersecurity, CMMC/HIPAA/SOC 2 compliance, and digital forensics for businesses across the United States.

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