News & Analysis as of

Hackers Wire Fraud

Ward and Smith, P.A.

Wire-Fraud, Data Breach, and Phishing: A Live Action Role Play for In House Counsel

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At the recent In-House Counsel Seminar, three Ward and Smith attorneys presented a realistic role play response to an incidence of wire fraud, addressing red flags associated with fraudulent communications, corporate incident...more

BakerHostetler

Weekly Blockchain Blog - March 2024

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Crypto Exchanges Launch Institutional Platform, LATAM Stablecoin - A major U.S. cryptocurrency exchange recently announced the launch of an institutional platform “aimed at institutions, asset managers, hedge funds and...more

Tarter Krinsky & Drogin LLP

Be Cyber Aware

Hackers commit financial fraud by creating a fake email address mimicking the vendor’s name and emailing accounts payable saying that the vendor’s account information has been changed. Funds are then sent directly to the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - May 2023

In this month’s Privacy & Cybersecurity Update, we review new consumer privacy laws in Tennessee and Indiana, three GDPR rulings by the Court of Justice of the European Union, updates regarding future California Privacy...more

Wyrick Robbins Yates & Ponton LLP

New Twist in Wire Fraud Scams and Five Ways to Prevent Becoming a Victim

In June 2022, the FBI and Internet Crime Complaint Center (IC3) issued a warning about a new wire fraud scam involving attorney trust accounts and the acquisition of medical equipment that resulted in approximately $2 million...more

Lowenstein Sandler LLP

Phishing: Cybersecurity’s Biggest Threat

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Not every cybersecurity threat is ransomware. Phishing is cybersecurity’s biggest threat. It’s one of the most common ways hackers can “get into” your organization, and it can result in much more than identity theft. In the...more

Seyfarth Shaw LLP

Litigation Outlook Blog Series: Cybersecurity

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As the global pandemic begins to show signs of waning, cyber risk is showing no such easing. In fact, in a recent survey, over 68% of business leaders reported believing that their cybersecurity risks are increasing, despite...more

Rivkin Radler LLP

Insurance Update - March 2021

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In our March Insurance Update, we discuss four state supreme court cases and four cybercrime cases. The state high courts address: •From whose perspective should a consent-to-settle provision be judged? •What standard...more

Ballard Spahr LLP

Two Chinese Nationals Charged with Money Laundering Over $100 Million in Cryptocurrency for North Korea

Ballard Spahr LLP on

Case Sheds Light on Latest Methods to Evade Detection: “Peeling” Chains - On March 2, the U.S. government sanctioned and indicted two Chinese nationals for helping North Korea launder nearly $100 million in stolen...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2020

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Two Las Vegas casinos’ networks were down over the past week, with posted signs saying “Cash Only” throughout the casinos after a suspected ransomware attack. Electronic slot machines were silent as the casinos reacted to the...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

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

Minimizing Risk and Liability from Man in the Middle Attacks (or, How to Keep Your Company’s Wire Transfers from Going Awry)

Imagine this scenario: you’ve had a productive and mutually advantageous ongoing contractual relationship of several years with another party. You have built up quite a bit of trust over the years, and communicate regularly...more

Troutman Pepper

Depository Financial Institution Liability: Tough Lessons Learned About Fraudulent Electronic Funds Transfers

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A federal district court in the Eastern District of Pennsylvania recently issued a prescient opinion upholding traditional contract principles in this fast-moving technological age of electronic financial transmissions. ...more

Robinson+Cole Data Privacy + Security Insider

CFOs Beware: You are Being Targeted by Nigerian Hackers

A report released by cybersecurity firm Agari has come to a conclusion that we have experienced all year—that a hacking group in Nigeria, dubbed “London Blue,” is targeting CFOs and Controllers in small businesses to...more

Sheppard Mullin Richter & Hampton LLP

Fool Me Twice…SEC’s latest Cyber-Fraud ROI Indicates Future Enforcement Against Hacker Victims

In the aftermath of the Securities and Exchange Commission’s (“SEC”) latest Report of Investigation (“Report”) regarding cyberattacks via “spoofed or manipulated electronic communications,” companies should prepare to adjust...more

Wilson Sonsini Goodrich & Rosati

The SEC Issues Warnings to Companies to Review Controls to Prevent Wire Fraud Hacking Attempts

In an October 16, 2018 investigation report, the Securities and Exchange Commission found that nine companies that suffered Business Email Compromise, or BEC, had insufficient internal controls to prevent such attacks....more

Epiq

How to Avoid Falling Victim to Wire Transfer Fraud

Epiq on

According to the Association for Financial Professionals’ Payment and Fraud Controls report, 2017 was a record year for payment fraud. The tactics employed by scammers and other malicious outsiders continue to grow more...more

Mitchell, Williams, Selig, Gates & Woodyard,...

The Rise of Wire Fraud: Cybercrimes Targeting Money Wired in Real Estate Transactions Increasing

No one can argue that technology has worked wonders in the area of real estate transactions, making these transactions faster, smoother and more accessible. However, thanks to technology these transactions are now exposed to...more

Gray Reed

Who Loses When Hacked Emailed Send Wire Transfers to the Wrong Account?

Gray Reed on

Excited about closing on his new house, Furst Thyme Byer received emailed wire transfer instructions for his full $250,000 payment from his broker Chad at Chase N Rainbows Realtors. ...more

Tucker Arensberg, P.C.

Wire Fraud: Are Realtors® at Risk?

Tucker Arensberg, P.C. on

The statistics about the rise of wire fraud in real estate transactions are staggering. Recent reports released by the FBI suggest that more than 9,600 real estate consumers were victimized for more than $56,000,000 in 2017...more

King & Spalding

Insider Trading Convictions Reveal Newswire Vulnerabilities

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On July 6, 2018, a Brooklyn federal jury convicted two men on charges of securities fraud, wire fraud, money laundering and computer intrusion. Vitaly Korchevsky, 53, a former Wall Street hedge fund manager-turned...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

Bass, Berry & Sims PLC

Chris Lazarini Examines Cause for Denial of Criminal Justice Act Funds

Bass, Berry & Sims attorney Chris Lazarini examined a case in which an indigent defendant sought to obtain Criminal Justice Act (CJA) funds to retain an expert. The court denied the defendant access to CJA funds because the...more

Cadwalader, Wickersham & Taft LLP

Law Firm Data Breaches Demonstrate the Expanding Scope of Cyber Attacks

In a case of “cyber meets securities fraud,” the United States Attorney’s Office for the Southern District of New York (“SDNY”) recently indicted three foreign nationals on charges of insider trading, wire fraud, and computer...more

Gray Reed

2016 – A Bad Year For Bad Guys in Energy

Gray Reed on

Let’s look back at a cavalcade of crooks, criminals and miscreants who met up with justice in 2016. We do it to be reminded of the others who will be lurking in the 2017 shadows....more

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