Bank of America Employee Accused of ATM Fraud

By Linda McGlasson, April 7, 2010.
Bank of America Employee Accused of ATM Fraud

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See Also: Fighting Financial Fraud: Mitigation for Malware, Phishing & DDoS Attacks

North Carolina bank worker faces jail time for ATM fraud after allegedly changing the ATM computer code at Bank of America networks so that the machines would dispense cash and not record the transactions.

The U.S. Attorney for the Western District of North Carolina filed documents in court on April 1, alleging that Rodney Reed Caverly plotted to deploy malicious computer code within the company's systems so that ATM machines would dispense cash without any record of a transaction.

Caverly maintained and designed computer systems at Bank of America, including ATMs. With the malicious code in place, Caverly was able to take more than $5,000 during a seven-month period in 2009, say prosecutors.

Bank of America says it detected Caverly's fraudulent transaction with its internal controls, and says the fraud did not touch customer accounts.

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