Non-profit FACTOR sues Scotiabank for $10M lost to cyber theft, amid bank security dispute.

A Toronto non-profit, FACTOR, is suing Scotiabank for $10 million allegedly stolen by a cybercriminal who converted the funds into cryptocurrency. FACTOR claims the theft happened after an employee's credentials were compromised, while Scotiabank argues it could have been due to fraud or poor security. The Department of Canadian Heritage had sent $14.3 million to FACTOR earlier this year. So far, about $378,500 has been recovered.

December 01, 2024
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