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Ocean Heights Advisors Launches with Mariner Platform Solutions

Mariner

Mariner Platform Solutions today announced that Newport Beach, Calif.-based Ocean Heights Advisors has leveraged its platform to launch as an employee-owned firm. Mariner Platform Solutions, an affiliate of Mariner Wealth Advisors, offers independent firms and advisors comprehensive support so they can differentiate and grow their practice. Beginning at founder Kevin O’Grady’s home in the Ocean Heights neighborhood of Newport Beach, Ocean Heights Advisors has grown extensively, and is leveraging a relationship with Mariner Platform Solutions to bring clients an expanded range of services and investment options. “Since launching Mariner Platform Solutions in 2020, we’ve seen immense growth and have had the opportunity to partner with smart and strategic firms like Ocean Heights Advisors,” said Brian Leitner, head of Mariner Platform Solutions. “It’s an honor to help teams like theirs grow to their full potential, and we’re excited to see the benefits both advisors and clients will gain as a result of the partnership.” Ocean Heights Advisors has grown to over $450 million in assets under management (AUM) since O’Grady began the advisory practice in 2005. The team of highly credentialed investment professionals advise high-net-worth families, executives and entrepreneurs across the country in all areas of their financial life. Key to its success is Ocean Heights Advisors’ independent, holistic approach, which allows for customized investment solutions and personalized financial planning for clients, rather than a one-size-fits-all plan. “At Ocean Heights, we pride ourselves in taking a personalized approach to our business,” said Kevin Barlow, managing partner at Ocean Heights Advisors. “Partnering with Mariner Platform Solutions will provide us with support on many of our back-office functions such as operations, compliance and marketing, allowing us to focus our time on our clients.” By partnering with Mariner Platform Solutions, Ocean Heights Advisors can remain independent and still offer its clients the benefits of working with a nationally recognized wealth advisory firm. Mariner Platform Solutions incorporates strong technology solutions, as well as expertise from an extensive network of professionals, to provide services for everything under the wealth advice umbrella. Advisory solutions that advisors can utilize as part of their wealth team include tax planning and preparation, and trust and risk management. “It’s an exciting time at Ocean Heights as our team hits the ground running,” added Nella Webster, partner and investment advisor at Ocean Heights Advisors. “Launching with Mariner Platform Solutions allows us to continue to grow and build on our solid foundation while expanding our partner base to reward and incentivize current and future team members. We’re thrilled to have the support of such a renowned firm.” Ocean Heights Advisors launched as an employee-owned firm on March 1, 2022, leveraging the multigenerational partnership of its team members to provide clients the long-term stability they desire from an investment management/financial advisory practice. To learn more, visit https://marinerplatform.com/. Developed in 2020 by the same team that built Mariner Wealth Advisors into the firm it is today, Mariner Platform Solutions is a fee-for-service offering providing comprehensive support, so advisors can spend more time growing their businesses and less time running it. As part of Mariner Platform Solutions, firms leverage back-office services such as operations, compliance, technology and marketing to help grow and differentiate their practice. In addition, firms can utilize the advisory solutions team, comprised of experienced in-house investment, tax, insurance, estate planning, trust and practice management professionals, to help execute customized wealth plans for clients. To find out more about Mariner Platform Solutions, visit www.marinerplatform.com. Contact Details Remi Yuter +1 917-623-0786 mariner@hotpaperlantern.com Company Website https://www.marinerplatform.com/

March 30, 2022 09:00 AM Eastern Daylight Time

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College of DuPage Offers New Certificate Program in Data Analytics

College of DuPage

College of DuPage now offers a certificate program that will prepare students for positions in data collection, data cleaning and data analysis, an in-demand career field expected to grow rapidly over the next few years. Listed as number two growing industry in the U.S. by the World Economic Forum, the new Data Analytics Certificate offers students a convenient, cost-effective option to learn data science fundamentals like data gathering methods, data systems and programming languages. “Data analysis is quickly becoming one of the most sought-after skills in the workplace,” said COD Computer and Information Science Professor Dejang Liu. “Companies have vast amounts of data, but it is rare to have someone with the ability to analyze that data to see trends and make predictions.” Through the 20-credit-hour program, students gain competency in data analysis through six courses: Understanding Computers/Information/Systems or MS Office for Professional Staff, Data Analysis with Spreadsheets, Advanced Spreadsheets with Business Intelligence, Database Application, Data Analytics and Visualization and Statistics. Additionally, a new articulation agreement with Elmhurst University allows students with a bachelor’s degree in any academic discipline who complete COD’s Data Analytics Certificate a seamless transfer to Elmhurst’s Master’s in Data Science and Analytics program. COD Business and Applied Technology Division Dean Kris Fay said that analyzing data has become a crucial part of almost any industry. “As advancing technology has rapidly expanded the types and amount of information we can collect, knowing how to gather, sort, and analyze data has become a crucial part of almost any business sector,” she said. “You’ll find data analysts in the criminal justice, fashion, food, technology, business, environment, and public sectors—among many others.” Learn more about the COD’s Computer and Information Science programs. Contact Details College of DuPage Jennifer Duda +1 630-942-3097 dudajen@cod.edu

March 30, 2022 08:00 AM Central Daylight Time

Comodo and Plexus Partner to Protect Enterprises from Cyber Attacks in Sri Lanka Market

Comodo

Comodo Security Solutions, a leading provider of endpoint protection solutions, today announced that they have partnered with Plexus, a leading value-added distributor based in Sri Lanka, to provide Comodo’s solutions in Sri Lanka as well as other countries in the South Asian market. Comodo’s Advanced Endpoint Protection (AEP) is the only solution that prevents 100% of ransomware and other malware before any damage is done. Because endpoints are the entry point for virtually all malware attacks, Comodo AEP utilizes a patented virtual isolation capability that isolates unknown files and code in a protective container until it is determined to be 100% safe. Comodo AEP is the only endpoint security solution that applies the Zero Trust principle of ‘Never Trust; Always Verify’. “We welcome the opportunity to work with an established and leading value-added distributor in Sri Lanka such as Plexus,” said Ezra Correa, Vice President of International Business Development at Comodo. “We now have the opportunity to expand our business into a growing market, and to help organizations in Sri Lanka and surrounding countries to protect themselves against the latest ransomware and malware attacks.” Plexus already represents world-class Enterprise Server Solutions, Data Management, IT services, Backup Power, Networking, and Network Security Solutions. Now, with Comodo added as their security solutions portfolio and trusted cyber advisor, Plexus can turn on a world-class security operation and position itself as a leader with the best security practice in the markets they serve. “We are pleased to be working with Comodo and to have the opportunity to distribute their leading security solutions to the South Asian market,” said Damitha Haegoda, Director from Plexus. “With this partnership in place, Plexus can now offer a full breadth of IT security solutions to our customers.” Comodo will be presenting this week at Plexus Inspire 2022, Plexus’ annual channel partner event. About Plexus Founded in 2017, Plexus offers global products and services to clients through its strong distribution network across Sri Lanka, the Maldives, and Singapore. Plexus is a state-of-the-art value-added distributor, with a mission to enhance the business operations of clients by providing high-value products and services and to act as the bridge between customers and solutions. For more information, visit https://www.plexuss.biz/. About Comodo Headquartered in Bloomfield, NJ, Comodo’s mission is to help customers avoid breaches with groundbreaking isolation technology that fully neutralizes ransomware, zero-day malware, and cyber-attacks that other security providers can’t do. We deliver active breach prevention with patented auto containment technology. Our Unified Endpoint integrates this technology with critical components like our highly rated advanced endpoint protection, endpoint detection and response, and endpoint management to offer a single cloud-accessible Active Breach Protection solution. Comodo’s SOC-as-a-Service team makes the solution a frictionless, high-security implementation. For more information, visit https://www.comodo.com/. Contact Details Nicole Baker +1 888-551-1531 nicole.baker@comodo.com Company Website http://www.comodo.com

March 29, 2022 11:16 AM Eastern Daylight Time

Entertainment Industry Leader Lou D’Angeli joins Logitix as Senior Director of Las Vegas Events

Logitix

Logitix, the leader in live event ticketing technology and analytics, announced they have named Lou D’Angeli as their Senior Director of Las Vegas Events. D’Angeli brings over 25 years of experience as a marketing executive for renowned entertainment brands like Cirque du Soleil and World Wrestling Entertainment. Through this newly created position, D’Angeli will lead the Las Vegas division of Logitix to optimize live event ticket sales for Vegas area shows through real-time data, dynamic pricing, and distribution. “Adding Lou to Logitix represents our commitment to the Las Vegas market as the world’s entertainment capital,” said Logitix President Greg Nortman. “Lou is very well respected in the live events industry through his impressive work with companies like Cirque and WWE. He will play an integral role in helping the live events community in Las Vegas navigate their ticketing strategy.” Before joining Logitix, D’Angeli spent over 11 years with Cirque du Soleil Entertainment Group, where he was Vice President of Marketing, Sales, and Public Relations. He managed key relationships with MGM Resorts International, Apple Records (The Beatles), Disney, Treasure Island, and the Estate of Michael Jackson. In Las Vegas and Orlando, he was responsible for upwards of 5 million tickets sold and $500 million in yearly revenue. Before joining Cirque du Soleil, D’Angeli spent four years with WWE as Director of Marketing, where he implemented $2 million in national advertising focused on increasing pay-per-view numbers. Earlier in his career, D’Angeli worked on the venue side of the live events industry as an executive with Comcast-Spectacor. In the fourth quarter of 2021, Logitix managed 2.4 million tickets that sold for over $300 million through teams across the NFL, NBA, and NHL, plus NCAA events and live event properties. Logitix optimizes ticket sale outcomes for all of its partners through proprietary dynamic pricing and distribution. Its unique platform analyzes millions of real-time data points, providing up-to-the-minute insights within the live event marketplace. About Logitix Logitix is the preeminent monetization engine and ticketing platform for the live event industry, combining optimized pricing, distribution, and inventory management with real-time insights to help sellers and buyers respond to a rapidly changing market environment. The Logitix vision is to automate the entire ticket life cycle and provide data-driven insights to serve the diverse needs of its clients. The company is backed by ZMC and is privately held. For more information about Logitix, visit Logitix.com or find them on LinkedIn. # # # Contact Details Eric Nemeth +1 602-502-2793 nemeth@ericpr.com Company Website https://logitix.com/

March 29, 2022 11:03 AM Eastern Daylight Time

Unlock Venture Partners Showcases Portfolio in the Metaverse

UnlockVP

Unlock Venture Partners, which recently announced Fund II, has unveiled Unlockverse – a new way to experience a venture fund portfolio… in the Metaverse. Unlock is a long-time believer that digital environments will continually progress and move towards parity with real life transforming work, play, and commerce, especially along certain vectors such as visual fidelity and user experience. Hence, it is no surprise that the fund has been following and investing in Metaverse and Web3 related companies, such as DRESSX, Irreverent Labs, Pixel Canvas and Real Simple Labs, for a few years. Venture funds have typically listed their portfolio companies with a hyperlink. When Unlock invested in Pixel Canvas and saw its browser based, photo realistic, 3D, immersive and interactive environments for enterprises, they decided to use the solution to reimagine the way their portfolio could be presented to the outside world. Unlockverse allows you to navigate around a large venture studio where each of the Unlock portfolio companies has its own space whereby a visitor can learn about it. Outer, a leading outdoor furniture brand, has a company overview presentation, videos, and pictures of its products, that one can access when one first enters its space in Unlockverse. Once inside the space, there are models of its couches where a visitor can change the swatches. Shortly, these spaces will resemble an Outer neighborhood showroom where a user can manipulate 3D models of the couches and then activate a chat function to initiate a live video interaction with an in-house salesperson. Unlock Venture Partners has a space where they envision holding live events such as AMAs and demo days. Visitors can easily teleport between spaces to specific companies to explore Unlockverse at their own pace. “This is a great way for us to provide a more tangible and immersive environment in which potential investors, partners, customers and the outside world can learn about our companies and us as a fund,” said Sanjay Reddy, Unlock’s partner based in Los Angeles. “Text is great. Images and videos are great. However, interacting with, and learning about, companies in a manner closer to the way one would in real life is what we believe the Metaverse will afford our industry, and this is an initial version of what we envision the future in this medium to be.” Pixel Canvas, an Unlock Venture Partners Fund II portfolio company based in Los Angeles, has roots in VR and digital events. The company’s solutions represent a blend of high-end visual aesthetics, gamification and user engagement focused on the enterprise. “Venture funds are just one example. There is tremendous demand among investors, businesses, and consumers for immersive virtual platform opportunities. We believe every business will eventually operate in the Metaverse.” said Andy Liu, Unlock’s partner in Seattle. “Come and visit Unlockverse and help us progress and refine new ways in which to interact with each other.” About Unlock Venture Partners: Unlock Venture Partners was co-founded by Andy Liu, Sanjay Reddy, and Raazi Imam. They have invested in more than 37 Seattle and Los Angeles-based startups including Possible Finance, Outer, Dolly, Downstream, Pixel Canvas, Fight Camp, UNest, DRESSX and Crowd Cow. Unlock is a premier early-stage fund infusing capital into two high-potential, relatively underserved markets. About Pixel Canvas: Pixel Canvas is the Enterprise Metaverse company. The company has a browser based, 3D, interactive platform that has helped major brands address the new reality of digital interactivity with a superior product. Pixel Canvas leverages a gaming background and high visual fidelity 3D design experience to offer environments in the Metaverse. Contact Details Forrest Carman +1 206-859-3118 forrestc@owenmedia.com Company Website https://unlockvp.com/

March 29, 2022 08:00 AM Pacific Daylight Time

Fintech Effectiv raises $4m from Accel for fraud and risk management platform

Effectiv

Fintech startup Effectiv has today announced a $4 million seed funding round, led by Accel with participation from REV (funded by RELX) and other industry leaders. Effectiv offers a next-generation, no-code risk management platform for mid-sized banks, credit unions, fintechs and financial institutions. With cutting-edge AI and an intuitive user interface, Effectiv's solutions enable rapid adaptation to new trends and aim to significantly reduce the cost to manage fraud and risk. Banking and financial institutions have rapidly digitized all their channels, especially since the outbreak of the COVID-19 pandemic. Unfortunately, fraudulent activity has kept pace too, with fraud losses pegged at $19b in 2020. Additionally, newer offerings like buy-now-pay-later and peer-to-peer lending have gained significant momentum, adding additional complexity to fraud and risk patterns. In this rapidly evolving world, static strategies can’t safeguard for long. Effectiv's founding team were all early team members at Simility, an enterprise fraud prevention company that was acquired by PayPal in 2018. At Simility and PayPal they had worked on building solutions for organizations like US Bank, Discover, Synchrony and millions of PayPal merchants. The team, with over four decades of combined experience building fraud and risk mitigation systems, started working on Effectiv after they realized that technologies they have been building so far were often out of reach to smaller financial institutions. “Dialogues with industry experts from banks, credit unions, combined with our team’s decades of experience in this space, helped us validate the gap that we saw in the market,” says Ravi Sandepudi, co-founder and CEO of Effectiv. “Cutting-edge technologies that drive Effectiv have so far been prohibitively expensive and were designed for and by large organizations. Effectiv aims to change that and truly democratize AI-driven risk management, making it accessible to any financial institution. Every organization, regardless of size, should have access to best in class safety measures to protect their members and customers.” Ritesh Arora, Co-founder and President at Effectiv, added: “We are building a platform that is designed from the ground up to be extremely easy to integrate and implement. Effectiv comes integrated with best in class data services and our proprietary AI decides when to optimally use (and pay for) a data signal. Our goal is to help teams manage their risk strategies without relying on developers.” “As the world is on a digitization spree, we know that challenging times are ahead for financial institutions. We see tremendous value in Effectiv’s innovative approach to fraud and risk management. Their powerful yet rapidly adaptable AI platform could be the key to identifying these changing trends. We are looking forward to working with the Effectiv team in making these world class solutions accessible to every financial institution.” says Dinesh Katiyar, Partner at Accel “We were attracted to the pedigree of Effectiv’s founding team and their decades of experience tackling fraud at some of the world’s largest organizations. As one of the earliest investors at Palantir and with an affiliation to LexisNexis, we are passionate about fraud and risk mitigation and we see Effectiv spearheading a dramatic evolution in this space.” says Kevin Brown, Founder Partner at REV. Effectiv intends to use the funds for technology development, growing the team in the US, and marketing. Effectiv onboarded its first customer in June 2021 and have already processed over $1 billion in loan volume. After a successful closed beta, the platform is now live and the team is actively onboarding new customers. The company has also brought on board industry veterans Bob Stock as an advisor and Mike Persichini as Head of Sales to kick start their growth in the US. About Effectiv Founded in 2021 by Anupam Tarsauliya, Jonathan Doering, Ravi Sandepudi and Ritesh Arora, Effectiv is a next-gen risk management SaaS platform with solutions designed for mid-sized banks, credit unions and fintechs. The founding team has over four decades of combined experience in fighting fraud and building machine learning products at companies like Google, PayPal, Samsung, WalmartLabs, and Hitachi. About Accel Accel is a global venture capital firm operating out of Silicon Valley, London, and Bangalore. Accel works with startups in seed, early, and growth-stage investments. About REV REV is a global venture capital partnership. REV is backed by one of the world’s largest content, technology and analytics companies, RELX PLC (owner of LexisNexis). Contact Details Effectiv Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://effectiv.ai/

March 29, 2022 10:13 AM Eastern Daylight Time

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Industrial Defender and GrayMatter Team Up to Equip Energy and Water Companies with Holistic Cybersecurity Defenses

Industrial Defender

Industrial Defender, the leader in operational technology (OT) security and GrayMatter, the top digital transformation services firm for industrial companies, announced today that they are teaming up to offer comprehensive cybersecurity solutions for critical infrastructure. Industrial organizations seek out GrayMatter to assess their OT cybersecurity needs and curate the best technologies available, and the Industrial Defender platform is now an essential part of their technology offerings. GrayMatter's deep experience in the manufacturing, utility and water/wastewater industries complements Industrial Defender's focus on providing the foundational cybersecurity controls that protect critical infrastructure. Industrial Defender and GrayMatter follow a five-part approach to strengthening cybersecurity based on the NIST Cybersecurity Framework (CSF), and they both understand that operational technology environments demand unique cybersecurity solutions. “Partnering with GrayMatter is a huge win for critical infrastructure companies,” said Jim Crowley, CEO of Industrial Defender, “GrayMatter’s deep market knowledge and digital transformation expertise, combined with our cutting-edge OT data collection and normalization software provides them with the people, process and technology to build the strongest cybersecurity defenses possible.” "We're excited to partner with Industrial Defender," says GrayMatter Co-Founder and CEO James Gillespie, "Like us, they've been helping companies strengthen their OT cybersecurity for years, and they specialize in energy, water/wastewater and other critical industries that have made it a priority to stay ahead of new vulnerabilities and regulations." The Industrial Defender platform empowers organizations to turn cybersecurity data into action by safely collecting, monitoring, and managing OT endpoint and network data at scale. With just a few clicks, Industrial Defender also provides the necessary data to measure a security program against many different standards, including the NIST CSF. To learn more about this partnership, contact Industrial Defender at www.industrialdefender.com or GrayMatter at www.graymattersystems.com. About Industrial Defender Since 2006, Industrial Defender has been solving the challenge of safely collecting, monitoring, and managing OT asset data at scale, while providing cross-functional teams with a unified view of security. Their specialized solution is tailored to complex industrial control system environments by engineers with decades of hands-on OT experience. Easy integrations into the broader security and enterprise ecosystem empower IT teams with the same visibility, access, and situational awareness that they’re accustomed to on corporate networks. Learn more at www.industrialdefender.com. About GrayMatter GrayMatter’s goal is to transform operations and empower people. Since 1991, we have been helping some of the biggest industrial organizations in the world harness data so they can work smarter. They lean on us to secure their critical systems and connect their industrial assets to their teams so that every operator is empowered to be the best operator. GrayMatter has been on the Inc. 5000 fastest-growing companies list for six consecutive years and has grown to provide Advanced Industrial Analytics, OT Cybersecurity, Digital Transformation and Automation & Control services to clients in CPG, energy, food & beverage, manufacturing and water/wastewater industries across the U.S. and Canada. Learn more at graymattersystems.com. Contact Details Industrial Defender Erin Anderson +1 617-675-4206 eanderson@industrialdefender.com Company Website https://www.industrialdefender.com

March 29, 2022 09:00 AM Eastern Daylight Time

CSG Forte Joins Forces with Velosimo, Creates Seamless No-Code Integrations for Govtech Agencies

CSG

ALLEN, Mar. 29, 2022 – CSG Forte, a CSG ® (NASDAQ: CSGS) company and the leader in complete and customizable digital payments, today announced a strategic partnership with Velosimo, the only provider of no-code, cloud-native, technology connectors. This partnership enables government agencies to easily connect and augment their technology stacks with enterprise resource planning (ERP) software vendors via a single processing partner. "The ongoing pandemic has escalated the need for governments to provide contactless services, and in turn is driving the need for governments to offer complete payment services online for citizens and work-from-home employees," said Kris Trujillo, CEO, Velosimo. "It's phenomenal to add CSG Forte’s industry leading digital payments solutions and expertise in secure online transactions to the Velosimo portfolio. The combination of Velosimo’s revolutionary no-code, off-the-shelf connectors with CSG Forte delivers a connected experience for government agencies that increases efficiencies, improves service, and lowers costs through rapid and reliable interoperability of software systems.” With CSG Forte's award-winning payment gateway and Velosimo's no-code integrations, government agencies can now: Offer citizens secure ACH (automated clearing house), electronic check and credit and debit card payments online and on-site at government agencies Maintain no-hassle reconciliation, payment troubleshooting, service and convenience fees Reduce costs by eliminating manual, error-prone reconciliation and lower credit card provider fees “Velosimo’s technology is second to none and seamlessly connects critical govtech software applications better than anyone in the market,” said Jeff Kump, head of payments, CSG Forte. “A major pain point for government agencies is having multiple ACH and credit card processors. By connecting front-end and back-end govtech software vendors to a single integrated solution, CSG Forte and Velosimo's partnership eliminates the challenges of balancing, reconciling and automating processes for govtech agencies allowing them to create experiences that exceed industry standards.” Learn more about CSG Forte’s innovative, secure payment solutions that help businesses and government agencies reduce transaction costs, mitigate risk, and increase efficiencies. About Velosimo Velosimo provides cloud-native, off-the-shelf, and no-code integration connectors explicitly built for government and the distinct scenarios of inner-system use by staff and citizens, with connector management and deep insight into all connected systems transactions on the Velosimo Connect integration platform as a service (iPaaS). Velosimo also provides a revolutionary, low-code environment for rapid custom connector development by Government Technology Companies, System Integrators, and government agencies. The Velosimo Marketplace showcases the burgeoning collection of quickly-enabled, off-the-shelf, certified integration connectors from Velosimo and their partners. Government agencies are turning to Velosimo as their escalated move towards online, touchless service drives the need for predictable systems interoperability and modern, uninterrupted user experiences. About CSG Forte CSG Forte, a CSG company, delivers scalable digital payments for smarter and faster business growth. Our world-class, award-winning technology offers a unified end-to-end payments platform that easily adapts to changing needs and empowers companies to transform their payments operations into a competitive business strategy. With CSG Forte, companies can process omnichannel payments and offer agnostic payment acceptance, shifting payments from a line-item expense to a profit center. CSG Forte manages billions of payments annually for over 81,000 merchants across government, telecom, insurance and other industries. For 40 years, CSG’s technologies and people have helped some of the world’s most recognizable brands solve their toughest business challenges and evolve to meet the demands of today’s digital economy with future-ready solutions that drive exceptional customer experiences. Our solutions deliver real world outcomes to more than 900 customers in over 120 countries. To learn more, visit www.forte.net and connect with us on LinkedIn and Twitter. Copyright © 2022 CSG Systems International, Inc. and/or its affiliates (“CSG”). All rights reserved. CSG® is a registered trademark of CSG Systems International, Inc. All third-party trademarks, service marks, and/or product names which are referenced in this document are the property of their respective owners, and all rights therein are reserved. Contacts: Jordy Spitale CSG +1 (504) 615-8820 Jordy.Spitale@csgi.com John Rea Investor Relations +1 (210) 687-4409 John.Rea@csgi.com Contact Details Tammy Hovey +1 917-520-2751 tammy.hovey@csgi.com Company Website https://www.csgi.com

March 29, 2022 06:35 AM Mountain Daylight Time

Precision Computer Services Wins Negligence Lawsuit Against Newtown Savings Bank

Precision Computer Services

Technology firm Precision Computer Services, Inc. recently won summary judgment in its negligence lawsuit against Newtown Savings Bank. In 2017, the bank failed to identify a fraudulent wire transfer order, and bank employees sent $67,560 from Precision’s account to a bank in Hungary. Despite this failure, the bank refused to reimburse Precision for the unauthorized withdrawal. In 2017, the bank received an email from an individual pretending to be Precision president Michael FitzSimons. The email was sent from an email account with a similar but fraudulent domain name, a tactic known as “spoofing.” The email requested that funds be sent urgently to a bank in Hungary. Precision had never previously wired funds to Hungary nor did it have any payment history or business relationship with the recipient of the funds. The original lawsuit contended that the bank did not follow guidance concerning fraudulent spoofing schemes that was distributed in 2016 by the Financial Crimes Enforcement Network of the United States Department of Treasury. In its ruling, the district court noted that the bank failed to comply with reasonable commercial standards of fair dealing when it did not require multi-factor authentication of the wire transfer order, stating that “multifactor authentication is the lodestar of reasonableness in wire transfer transactions.” The judgment stated the bank “did not call FitzSimons to confirm that the payment originated from him, require FitzSimons to answer security questions, require the provision of identifying word or numbers, or the use of a passcode.” The bank failed to authenticate the payment order and failed to have the fraudster who purported to be FitzSimons prove his identity. “For nearly five years, Newtown Savings Bank’s leadership did not reimburse our company for the fraudulent wire transfer that it failed to authenticate,” said FitzSimons. “I’m deeply saddened that I put my trust in the leadership of my hometown bank that, in the end, failed to protect one of its longtime customers.” For more than 33 years, Precision Computer Services, Inc. has strategically partnered with technology providers to bring top-tier IT products and industry-leading innovations to the marketplace. More information is available at precisiongroup.com. The judgment is available here and at www.LawsuitPressRelease.com. Further information on the case is available at www.NSBLAWSUIT.com. Contact Details LawsuitPressRelease.com John P. David +1 888-859-6637 john@lawsuitpressrelease.com Company Website https://precisiongroup.com/

March 29, 2022 08:22 AM Eastern Daylight Time

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