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Missouri Escrow Company Sues Bank after $440K Hacker Loss

A Springfield, Mo., escrow company is suing a financial institution for failing to prevent a hacker from stealing $440,000 from the escrow company.

According to The Kansas City Star, Jim Payne, owner of Choice Escrow and Land Title, said his company had to take out a loan to make up for the loss because BancorpSouth would not refund any of the money. He said it seems as if the cyber criminals infected the his company’s computer and stole its user ID and password for its BancorpSouth trust account.

Randy Burchfield, Bancorp senior vice president and director of marketing in Tupelo, Miss., said the bank would present its side during court proceedings.

“The lawsuit is one side of the story,” he told The Springfield News-Leader. “Bancorps’ side of the story is considerably different.”

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