Mega banks may have unlimited funds to throw at data security, but a recent article by Forbes.com's Janet Novack shows just how susceptible some still are to major fraud.
Novack outlines an incident in which it took an alleged fraudster just three swings to convince Wells Fargo to transfer more than $2 million to at least two fake accounts.
The snafu was unveiled in a lawsuit filed by California state prosecutors in early February, which alleges the funds were taken from a large hospital chain, Catholic Healthcare West, and sent to two banks in New York and Hong Kong.
Wells Fargo denied the thief's first two transfer requests – they rightly claimed the accounts didn't exist – but for some reason let the third attempt go through.
A rep told Forbes the bank was the victim of a "sophisticated fraud," but you tell us how sophisticated a scammer could be if they named their bogus account HUGE International T. Ltd.
Read the full details of the incident over at Forbes.
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