Escrow firm shutters after $1.5 million cyberheist

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Huntington Beach, Calif.-based Efficient Services Escrow Group has closed its doors and laid of its entire staff of nine employees after attackers used a type of malware to fraudulently transfer $1.5 million from the firm’s bank account to accounts in Russia and China. A court-appointed state receiver plans to file a lawsuit against the firm’s bank, Irvine, Calif.-based First Foundation, to recover the stolen money. The bank allegedly did not confirm the wire transfers with the escrow firm before the funds were sent overseas. Often only big banks offer the capability to restrict out-of-country wires, a bank fraud expert said.

Source: Krebs on Security