Town of Poughkeepsie Recoups Losses from Online Banking Cybertheft

SearchFinancialSecurity.com is reporting that "the money stolen from the online banking account of the Town of Poughkeepsie in New York has been restored" according to town officials.  If money transfers were authenticated using a PCI 2.0 Certified PIN Entry Device then instances such as this could be avoided.

With the help of its bank, Cherry Hill, N.J.-based TD Bank, and law enforcement authorities, all of the $378,470 stolen by cybercriminals earlier this year has been restored, Supervisor Patricia Myers said in a March 18 statement.  Criminals stole the money in four unauthorized transfers on Jan. 12 and deposited the funds into bank accounts in the Ukraine, Myers said in February. At the time, she said the Town had recovered $95,000 of the lost funds, which were then calculated at $378,000.  Myers had criticized TD Bank for not catching the unauthorized transfers, but with the restoration of the funds, she praised the bank for "its professional response to the situation" and said the town is happy to have "a banking partner that works hard to identify ways to help customers protect their money."

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