News & Analysis as of

Fraud Fraudulent Wire Transfers

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
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

Burr & Forman

Bank Liability for Business Email Compromises and Fraudulent Payments

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While at your place of business, you receive an email from a trusted source with an established vendor, notifying you that the vendor’s bank account information has changed. Do you note the change in your business records and...more

Goodwin

Protecting Against Wire Fraud Scams

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On March 10, 2023, the US Federal Deposit Insurance Corporation took control of the assets of Silicon Valley Bank (SVB). In light of SVB’s closure, many venture firms and emerging companies are establishing new accounts with...more

J.S. Held

Analysis of Fraudulent Conveyance Actions

J.S. Held on

Disputes over allegedly fraudulent conveyances have become more common in bankruptcy cases. Fraudulent transfer allegations are also common in transactions such as leveraged buy-outs and recapitalizations. Analysts are...more

Locke Lord LLP

WTF?! – Recurring Issues in Wire Transfer Fraud Coverage Disputes

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Business email compromise threats trick unsuspecting targets into sending money to the perpetrators, often through use of fraudulent wire or ACH transfer instructions. Entities should take steps to protect themselves from...more

Locke Lord LLP

WTF (Wire Transfer Fraud)?! – Steps to Reduce Risk

Locke Lord LLP on

Business email compromise (BEC) threats are soaring. Huge amounts of money are at risk. We share some practical tips to reduce the chances of being swindled -- and to try to recover amounts if you are....more

Locke Lord LLP

WTF?! - Wire Transfer Fraud Litigation

Locke Lord LLP on

Threat actors have recently and significantly increased efforts to defraud organizations and individuals through business email compromise (BEC). In BEC and related scams, the threat actors trick unsuspecting targets into...more

Orrick, Herrington & Sutcliffe LLP

Racketeer Influenced and Corrupt Organizations Act (RICO) - The World in U.S. Courts: Summer 2019

US Domestic Injury Found Where Theft Deemed to Have Occurred when Funds Transferred from US Bank Account Bascuñán v. Elsaca, US Court of Appeals for the Second Circuit, June 13, 2019 This opinion reflects the second time...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

Cozen O'Connor

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

Cozen O'Connor on

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

Carlton Fields

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

Carlton Fields on

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

Porter Hedges LLP

Business Litigation Alert - "Fraud Alert: Even Lawyers Get Scammed"

Porter Hedges LLP on

Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...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

Mintz - Privacy & Cybersecurity Viewpoints

The Tale of Two Banks: Final Settlement in Maine Bank Security Practices Case and a Failure of Bank Security Procedures in Florida

In a case that we have written about, People’s United Bank of Maine has agreed to pay about $ 390,000 to settle a claim that its security practices allowed unauthorized persons to withdraw funds from a construction company’s...more

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