Ray Ban the sunglasses Company that got into bed with Facebook (now Meta) last year, despite massive security concerns about their Facebook linked sunglasses, is suing the J.P. Morgan Chase Bank after someone nicked over $378 million from their bank account.
The French maker of Ray-Ban glasses, Essilor Manufacturing (Thailand) claims the bank ignored red flags as international cybercriminals drained million from its New York bank account.
The business claims J.P. Morgan was aware, beginning in September 2019, of a “highly suspicious pattern of fraudulent transactions” but didn’t notify the company.
According to Bloomberg, the red flags included a jump in monthly dollar volume from $15 million to more than $100 million and money being moved to shell companies at regional banks, often in high-risk jurisdictions.
The action was taken in the U.S. District Court, Southern District of New York (Manhattan).
“The fraudulent transfers were all made in round dollar amounts (i.e., no cents), which was a dramatic departure from prior periods where round dollar transfers were relatively infrequent,” EMTC said.
JPMorgan Chase didn’t respond to a request for comment.
EMTC said it recovered all but $139 million of the stolen funds “through a costly and burdensome process.” It’s seeking compensatory damages to be determined at trial.
Ironically, the lack of security in the Companies Facebook linked sunglasses was one of the reasons that the sunglasses failed to take off.
