News & Analysis as of

Fraudulent Wire Transfers

Bradley Arant Boult Cummings LLP

Elder Wire Fraud Scams Rising, Produce Huge Losses

As part of implementing a robust cybersecurity standard, we must understand how bad actors are intentionally targeting our older colleagues and loved ones. On April 30, 2024, the U.S. Department of Justice (DOJ) announced...more

The Volkov Law Group

SCG Plastics Pays OFAC $20 Million to Resolve Violations of Iran Sanctions Program

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OFAC is capable of extending a long-arm of enforcement, reaching sometimes non-U.S. companies that may “cause” another company to violate U.S. Sanctions laws.  If you need to find an example of this long reach, look no...more

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

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

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - April 2023

In this month’s Privacy & Cybersecurity Update, we look at Washington state’s passage of the first-ever state-level health data privacy law and the finalized California Consumer Privacy Act regulations. We also examine a...more

Orrick, Herrington & Sutcliffe LLP

OFAC reaches $508 million settlement with British tobacco company on North Korean transactions

On April 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $508 million settlement with one of the world’s largest tobacco companies to resolve potential civil liabilities stemming from...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

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

Kennedys

Minnesota Federal Court rules Cyber Business Interruption clause covers funds lost in fraudulent wire transfer incident

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As previously reported, on November 3, 2022, the federal district court for Minnesota, applying Minnesota substantive law, ruled that an insured was entitled to coverage under a Cyber Business Interruption clause for money...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

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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

J.S. Held

Analysis of Fraudulent Conveyance Actions

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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

Troutman Pepper

Complaint Dismissed Where Hacker-Induced Wire Transactions Authorized by Bank’s Customer

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A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four wire transfers totaling $1.4 million...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

Lowndes

4 Tips to Protect Yourself Against Wire Fraud in Leasing

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Wire fraud can result in significant loss, and it is permeating all types of transactions, including leasing. With tenants more frequently wiring funds to pay for security deposits and rents, it is important to take...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending October 8, 2021

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Real Property Update - Bert Harris Act: Certifying question whether the 2021 amendment to the Bert J. Harris Jr. Private Property Rights Protection Act clarifies the existing law so that plaintiff may maintain an action...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

Carlton Fields

Arizona Federal Court Finds False Pretenses Exclusion Bars Coverage for Fraudulent Wire Transfer Under Professional Liability...

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In Helms v. Hanover Insurance Group Inc., the U.S. District Court for the District of Arizona weighed in on the issue whether a professional liability policy provided insurance for a fraudulent wire transfer. This decision is...more

Locke Lord LLP

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

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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

The Volkov Law Group

DOJ and OFAC Settle with Indonesian Company for $2.5 Million for Violations of the North Korea Sanctions Program

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PT Bukit Muria Jaya (BMJ), a global supplier of cigarette paper based in Indonesia, agreed to pay $1,561,570 for conspiracy to commit bank fraud as part of a scheme to deceive various banks in order to collect payments for...more

Locke Lord LLP

WTF?! - Wire Transfer Fraud Litigation

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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

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

The Volkov Law Group

DOJ Charges Two Sons of Former Panama President Martinelli with Participation in Odebrecht Bribery Scheme in Panama

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DOJ announced the arrest of two individuals, Luis Martinelli Linares and Ricardo Martinelli Linares, who are the sons of the former President of Panama, Ricardo Martinelli) for their role in funneling $28 million in bribes to...more

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