A big Wall Street technology firm is being sued after allegedly falling for a run-of-the-mill email scam and wiring client funds to hackers.
SS&C Technologies, a $6 billion market capitalization company that bills itself as “the most comprehensive powerhouse of software technology in the financial services industry,” was duped by China-based hackers who sent sloppy emails to company staffers in order to trick them into releasing client money, according to a complaint.
And that, now, has taken Tillage Commodities Fund offline temporarily. The investor has suspended business operations after nearly $6 million of its funds reportedly were fleeced, via SS&C, this March, according to a lawsuit. The complaint from Tillage, a commodities investor, alleges SS&C Technologies, its fund administrator, ignored its own protocol, resulting in the lost funds.
In the lawsuit filed Friday morning, lawyers for Tillage say staff at SS&C, a financial services software firm, failed to “exercise even a modicum of care and responsibility in connection with known and obvious cybersecurity threats.”
For example, according to the suit, “the email requesting the largest wire transfer during the lifetime of this scheme ($3 million) states nothing more… than: ‘How was your weekend? Let’s round business up today.'”
The suit states that one staffer “directed the release of Tillage’s funds oftentimes merely minutes after receiving the fraudulent wire requests.”
Earlier this week, Wells Fargo sold its global fund services business to SS&C Technologies. The global fund services business has offices in Hong Kong, London, Singapore and the U.S.