Waterbury, Connecticut-based Webster Financial Corp. said it was the target of an elaborate embezzlement scheme at a subcontractor that provides bulk cash processing on behalf of one of its major vendors.
The company said that the subcontractor had made partial restitution and that, in addition, the subcontractor maintains an insurance policy in an amount in excess of the maximum potential exposure of $11 million. No customer accounts were affected by the scheme, Webster said.
__
Source: Webster Financial Corp.
Topics Connecticut
Was this article valuable?
Here are more articles you may enjoy.
KPMG Australia Scandal Widens After it Confirms Optus Data Was Misused 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
