News & Analysis as of

Cyber Crimes Fraudulent Wire Transfers

Guidepost Solutions LLC

Defending Your Law Firm Against Cyber Threats

In an increasingly digitized world, law firms are prime targets for sophisticated cyber threats that can result in substantial financial losses and reputational damage. Recently, a prominent law firm, esteemed for its...more

Lewis Roca

Escrow Agent Found 100% Liable for Wire Transfer to Cybercriminal/Imposter

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The Arizona Court of Appeals affirmed a jury verdict that imposed 100% liability on an escrow agent for a wire transfer it sent to a cybercriminal/imposter and attributed no fault to the imposter or the party whose systems...more

Warner Norcross + Judd

[Webinar] Wire Transfer Fraud: Preventing and Mitigating this Rising Threat - December 6th, 12:00 pm - 1:00 pm ET

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Join Warner Norcross + Judd LLP attorneys Madelaine Lane, Kelly Hollingsworth and Nate Steed for a webinar focused on preventing and mitigating wire transfer fraud. Cyber criminals are utilizing phishing emails and other...more

Carlton Fields

No Coverage Under Cybercrime Endorsement for Florida Fraudulent Wire Transfer

Carlton Fields on

In Star Title Partners of Palm Harbor LLC v. Illinois Union Insurance Co., the Eleventh Circuit Court of Appeals affirmed judgment for the insurer and held that coverage did not exist under the plain language of a...more

Balch & Bingham LLP

“Cyber” Insurance Found to Cover Fraudulent Wire Transfer

Balch & Bingham LLP on

The story is becoming all too common. A merchant (or consumer) is convinced to wire money to a fraudulent account because of an incorrect belief that they are wiring the money to the real party....more

Troutman Pepper

New Case May Signal Greater Likelihood That Insurers Are on the Hook for Coverage in Phishing Attacks

Troutman Pepper on

A new Sixth Circuit decision may signal an emerging trend on whether insurers must cover claims made by policyholders who fall victim to phishing scams....more

Whitman Legal Solutions, LLC

When it Looks Like a Strad but Isn’t: Protecting Yourself from Wire Fraud in Your Real Estate Transaction

Fine violins do not have serial numbers, but they do typically have a label inside identifying the maker and frequently the year and location where the violin was made. Many violin makers, or luthiers[i] as they are known,...more

Dickinson Wright

Phishing Lures: What To Do If You’ve Taken The Bait - U.S. Version

Dickinson Wright on

Sometimes, it’s easy to know you’re being phished. There’s little chance that a bank administrator in a country you’ve never heard of really needs your help to get the unclaimed money of a deceased, rich foreigner out of the...more

Foodman CPAs & Advisors

Are Cyber Thieves Compromising E-Mail? .. YES!

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Recently FinCEN issued Advisory (FIN-2016-A003) regarding e-mail compromise schemes that defraud Financial Institutions by deceiving them into conducting wire transfers that result in misappropriated customers funds. The...more

King & Spalding

Eighth Circuit Finds That Insurance Coverage Extends To Fraudulent Losses Caused By Computer Hacker

King & Spalding on

On May 20, 2016, the U.S. Court of Appeals for the Eighth Circuit affirmed breach-of-contract claims brought by Minnesota-based State Bank of Bellingham (“Bellingham Bank”) against BancInsure Inc. (“BancInsure”), an insurance...more

Carlton Fields

Phishing for Cybersecurity Coverage: When is a Fraud a “Computer Fraud”?

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In late June, the New York Court of Appeals affirmed a trial court ruling that there was no coverage for a health insurance company policyholder, under a “Computer Systems Fraud” rider issued by its insurer, for an underlying...more

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