Lake City Bank

Lakeland Financial Corporation (parent of Lake City Bank) disclosed in its Q2 2023 earnings release that on June 30, 2023 it discovered it was the victim of international wire fraud resulting in an estimated $18.1 million loss ($13.6M net of tax). A sophisticated business email compromise by a foreign threat actor compromised a single employee email account outside the bank's network and used a forged wire transfer form targeting a specific general ledger account. Forensic investigation concluded no client accounts or data were accessed and the bank's network was not penetrated.