The receiver for the now-defunct California-based Efficient Services Escrow Group is suing its former bank over a $1.5 million account takeover fraud incident that between December 2012 and January 2013 drained the escrow company’s account.Peter Davidson of the California law firm Ervin, Cohen & Jessup LLP, the appointed receiver for Efficient Services Escrow, alleges First Foundation Bank of California had insufficient security procedures in place when cybercriminals hacked Efficient Services Escrow Group’s bank account. Ultimately, he argues, the bank failed to act in good faith when it approved the fraudulent transactions on Efficient Services
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