Bank of America Employee Accused of ATM Fraud

A 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.

About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.

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