PALISADES PARK — After a cyber attack on municipal computers drained nearly half a million dollars from its accounts at Mariner's Bank, the borough received a $200,000 advancement on its insurance claim this week.

Mariner's Bank, which is based in Edgewater and has seven locations in Bergen County, told officials last month that $460,000 was missing from the borough's accounts as a result of a fraudulent wire transfer, said Dave Lorenzo, the borough administrator. It's believed the theft is related to a hacking attack on the borough's computer systems, not a bank breach.

A $200,000 insurance check was given to the Borough Council on Tuesday night by Ezio Altamura, the town's risk manager from Otterstedt Insurance.

Altamura said he petitioned the Joint Insurance Fund, where the borough has criminal and cyber insurance policies, for an advancement on the insurance claim to help the council prepare for the 2019 budget.

"This is an advancement to help soften the burden," Lorenzo said. "We still anticipate getting all of the missing money back."

A Mariner's Bank investigation determined that the funds were accessed and authorized through the borough's systems and not through a breach of the bank's data, said Frank Giancola, Mariner's Bank president and CEO.

The bank has been on the radar of state and federal regulators at various points over the last decade. In 2012, the state Banking Department and the Federal Deposit Insurance Corp. ordered it to address a wide range of financial safety and soundness concerns, including issues with asset quality, internal controls and deals with insiders.

In October, the bank's founder, Fred Daibes, a prominent Bergen County developer, was indicted by a federal grand jury on charges that he conspired to circumvent lending limits set by Mariner's without the knowledge of the FDIC. Daibes, 61, of Edgewater, was chairman of the bank's board until 2011 and former chairman of Mariner's Bancorp, the parent company of Mariner's Bank. He remains the majority shareholder.

Federal and local authorities are still investigating the hack, Lorenzo said.

"There was no malice on the borough or borough employees," Lorenzo said. " No one did anything wrong or took money. This was done through clever sources with good abilities to do this type of hacking. They were possibly not even in this country."

The U.S. Secret Service, which investigates financial and cyber crimes, said the Newark field office is working with the Palisades Park Police Department regarding the theft, but the agency couldn't comment further because of the ongoing investigation, said Mason Brayman, assistant special agent in charge.

Brayman did not immediately respond to a request for an update on the investigation. Messages left for Chief Mark Jackson, of the borough's police force, did not draw a response.

"It will be determined what the issues were, but if something was done wrong on our part we wouldn't have this check in our hands tonight," Lorenzo said.

The town is the latest victim of cyber attacks targeting New Jersey municipalities.

Cyberattacks and ransom viruses have been reported in Elmwood Park, Fair Lawn, Oakland, Rockaway Township and Montville.

In Elmwood Park, a cyberattack temporarily shut down portions of the borough network last month.

Email: cattafi@northjersey.com

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