Cybersecurity, Fraudulent Wire Transfers, Hackers

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

Lewis Roca on 4/13/2023

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

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

Wyrick Robbins Yates & Ponton LLP on 11/30/2021

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

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

Locke Lord LLP on 10/6/2021

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

Beware of phishing schemes relating to aviation escrow matters

McAfee & Taft on 10/19/2020

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

Court Rejects Coverage for Phishing Loss Under Financial Institutions Bond, Calls for More Briefing on Computer Systems Fraud...

Hinshaw & Culbertson LLP on 2/18/2020

A New Jersey federal district court held last week that losses arising out of a phishing scam were not covered under a bank's Financial Institutions Bond. In Crown Bank JJR Holding Co. v. Great Am. Ins. Co., 2020 U.S. Dist....more

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

Whitman Legal Solutions, LLC on 5/5/2018

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

Closing Attorney Scams: Avoiding Fraudulent Wire Transfers

Baker Donelson on 2/28/2018

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

Employers Take Note: Tax Season Phishing Scams on the Rise

Fisher Phillips on 2/21/2018

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

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

Snell & Wilmer on 11/2/2017

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

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

Robinson+Cole Data Privacy + Security Insider on 4/14/2016

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

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

Carlton Fields on 10/9/2015

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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