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Hackers Take $1 Billion a Year as Banks Blame Their Clients

Valiena Allison got a call from her bank on a busy morning two years ago about a wire transfer from her company’s account. She told the managers she hadn’t approved the transfer. The problem was, her computer had.

As Allison, chief executive officer of Sterling Heights, Michigan-based Experi-Metal Inc., was to learn, her company computer was approving other transfers as she spoke. During hours of frantic phone calls with her bank, Allison, 45, was unable to stop this cybercrime in progress as transfer followed transfer. By day’s end, $5.2 million was gone.