Security

Bok Financial sues insurer for alleged ATM losses

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July 7, 2023

Bok Financial, based in Tulsa, Oklahoma, has sued its insurer for $7.3 million in damages from cash it lost from ATM theft since September 2021. Its insurer Continental Insurance has only agreed to pay $275,000, according to a Tulsa World report.

In addition to the lawsuit, Bok had previously sued Nautilus Hyosung America in September 2022 for allegedly failing to provide its ATMs with security measures to prevent jack potting or man-in-the-middle attacks. Hyosung has denied these allegation and claims Bok did not acquire encryption or security software for its ATMs.

Bok claims, overall, its ATMs in Oklahoma, Texas, Iowa and Arizona were attacked at least 118 times, including jack potting attacks where the thieves were able to install malware to force the ATM to dispense cash.

Hyosung had not responded to a request for comment by press time.

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