News & Analysis as of

Email 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

Vinson & Elkins LLP

Who’s to Blame: Texas Federal Court Finds Contractual Counterparty Not Liable for Third-Party Wire Transfer Fraud

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The facts are an oft-told business email compromise horror story: a hacker interjects themselves into an email discussion of a business deal, changes the wire instructions to their own account, and disappears with the...more

Balch & Bingham LLP

Alabama Appellate Court Determines Who Is Responsible For Loss Due To Fraudulent Wire Transfer Instructions

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In this episode of Decision Dive, Balch’s Jason Tompkins, Chair of Balch & Bingham’s Issues & Appeals Practice, is joined by Conrad Anderson IV, partner in the firm’s Litigation Practice, to explore the Alabama Court of Civil...more

Wyrick Robbins Yates & Ponton LLP

Fraudulent Wire Transfers: Who Bears the Loss and How to Prevent Becoming A Victim

Cybercriminals exploited remote work during the COVID-19 pandemic.  In 2020, the FBI’s Internet Crime Complaint Center (IC3) saw a record 70% increase in the number of reported internet scams and losses exceeding $4.2...more

McAfee & Taft

Beware of phishing schemes relating to aviation escrow matters

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The McAfee & Taft Aviation Group has recently seen an increase in the number of phishing schemes relating to aviation escrow matters. Phishing is the fraudulent attempt to obtain sensitive information or data, such as...more

Hahn Loeser & Parks LLP

Owners and Contractors Beware! Electronic Payments in Construction Are Subject to Increased Fraud

While electronic funds transfer is considered a convenient and quicker way to process payments and receive funds on construction projects, this practice presents significant risk to project participants. Contractual and...more

K&L Gates LLP

Two Federal Appellate Courts Rule That Policyholders Are Entitled to Insurance Coverage for Losses Arising from Social Engineering...

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In recent years, courts across the country have considered policyholder’s claims for insurance coverage for so-called social engineering losses, e.g., losses that result from a criminal tricking a policyholder into wiring...more

BCLP

Wire Transfer Fraud

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Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...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

Baker Donelson

Closing Attorney Scams: Avoiding Fraudulent Wire Transfers

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As we move into the busy spring real estate cycle, criminals are targeting real estate agents and closing attorneys with increasing frequency. The scam begins with what appears to be a legitimate email from a party involved...more

Fisher Phillips

Employers Take Note: Tax Season Phishing Scams on the Rise

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It is tax season once again, and with it comes an increased threat of phishing scams targeting human resources and payroll personnel. In 2016, the IRS alerted employers to a then-emerging email phishing scheme in which...more

Snell & Wilmer

Business Email Compromise: What It Is and What You Can Do

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Business email compromise (“BEC”) is a type of cyberattack that is increasing at an alarming pace. The U.S. Federal Bureau of Investigation estimated in a May 2017 alert that global losses due to BEC scams totaled more than...more

Dickinson Wright

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

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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

Proskauer - The Capital Commitment

Cyber Attack Protection Steps for Investment Firms

We are reaching out to our investment firm clients to advise them of an email “spear phishing” scam that has targeted investment firms recently, attempting to lure their personnel into inadvertently revealing their email...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

Fenwick & West LLP

Litigation Alert: The Fifth Circuit Limits Coverage under the Computer Fraud Provision of Insurance Policies

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Last week, the U.S. Court of Appeals for the Fifth Circuit narrowed the conduct covered under an insurance policy’s computer fraud provision by vacating the judgment in favor of the insured, Apache Corp., and rendering...more

Cozen O'Connor

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

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Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Robinson+Cole Data Privacy + Security Insider

FBI issues another warning of a “dramatic increase” in phishing spoofs of CEOs

We have consistently reported about increased phishing attacks through emails that purport to come from high level executives, including CEOs. According to the FBI, the hackers use sophisticated social engineering to spoof...more

Miles & Stockbridge P.C.

The Sophisticated Hack: Business Email Compromise

Gone are the days of the overtly suspicious request from a Nigerian prince asking for your social security number or a friend needing a loan to get out of jail in a foreign country. These easily recognizable hacking attempts...more

Orrick, Herrington & Sutcliffe LLP

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

Orrick, Herrington & Sutcliffe LLP

FBI Warns Against Fraudulent E-mail Scheme

Companies should take notice of a new fraud scheme that has been making the rounds, targeting businesses that regularly make wire transfers. Known as the "Business E-mail Compromise," or BEC, this scam targets employees...more

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