A California escrow firm that was forced out of business last year after a $1.5 million cyberheist is now suing its former bank to recoup the lost funds.
A State-appointed receiver for the now defunct Huntington Beach, Calif. based Efficient Services Escrow has filed suit against First Foundation Bank, alleging that the bank’s security procedures were not up to snuff, and that it failed to act in good faith when it processed three fraudulent international wire transfers totaling $1,558,439 between December 2012 and February 2013.
