News & Analysis as of

Email Wire Transfers

Arnall Golden Gregory LLP

Business Email Compromise Fraud: Should the Party Best Positioned to Avoid the Fraud Bear the Loss?

Business email compromise (“BEC”) occurs when a payee’s business email account is compromised or impersonated. The threat actor, posing as the payee or its representative (e.g., the head of the accounting department), sends...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

Spilman Thomas & Battle, PLLC

Cyberattacks and Construction – A Hard Hit Industry

When you hear the word cyberattack you think of attacks on banks, large box stores, or medical facilities. You should add the construction industry to that list because it is the third most common target for cyberattacks....more

Fox Rothschild LLP

Be Alert to Scams Perpetrated by Cybercriminals Capitalizing on the Collapse of Silicon Valley Bank

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Following the collapse and federal takeover of Silicon Valley Bank (SVB) on Friday, March 10, scam artists wasted no time preying on the bank’s customers. Reports have surfaced of an email scam that initially targeted...more

Lowenstein Sandler LLP

Call Me, Maybe? The Stealth Disappearance of Social Engineering and Fraudulent Instruction Coverage

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Anyone who owns a cellphone or uses an email address has received a communication from a scammer seeking to extract confidential information or trick the recipient into sending money to foreign countries. These attempts come...more

Wiley Rein LLP

Court Holds Social Engineering Fraud Does Not Trigger Computer Fraud Coverage

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The United States District Court for the District of Minnesota, applying Minnesota law, has held that an insured’s loss resulting from the insured’s payment of fraudulent invoices received from a bad actor who hacked into the...more

Neal, Gerber & Eisenberg LLP

High Profile "Shark" Gets Phished, Demonstrates Continued Need for "Social Engineering" Insurance

Media outlets recently reported that Barbara Corcoran, one of the judges on the popular ABC show “Shark Tank,” was the victim of a “spear phishing” scam. See, e.g.,...more

Holland & Hart LLP

3 Tips to Protect Real Estate Agents & Firms from Cybercrime

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Did you know Americans lost nearly $150 million dollars to real estate internet scams last year? That makes real estate cyber crime a greater risk to Americans than identity theft ($100 million in losses) or credit card fraud...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

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

Robinson+Cole Data Privacy + Security Insider

DocuSign Breach Leads to Email Malware Campaign Requesting Wire Transfers

Electronic signature technology company DocuSign has admitted that it suffered a breach of one of its computer systems resulting in stolen data including customer and user email addresses. The breach has allowed the hackers...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

Foley Hoag LLP - Security, Privacy and the...

Phishing for Christmas

As the Wall Street Journal noted yesterday, banks are being deluged with phishing attacks. These attacks are especially fierce around the holiday season, when more personnel are absent and normal procedures are ignored or...more

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