News & Analysis as of

Business E-Mail Compromise (BEC)

Jackson Lewis P.C.

Failure to Safeguard, Two Cyber Intrusions, and an $850,000 SEC Settlement

Jackson Lewis P.C. on

Virtually all organizations have an obligation to safeguard their personal data against unauthorized access or use. Failure to comply with such obligations can lead to significant financial and reputational harm. In a...more

Arnall Golden Gregory LLP

Account Takeover and Business Email Compromise Fraud: Legally Puzzling Payments Problems

In a series of three articles, we will address the ascendency of account takeover (“ATO”) and business email compromise (“BEC”) fraud — the unfortunate occurrence where a payor or intended payee’s account is compromised,...more

Bricker Graydon LLP

Key Insights for School District Leaders

Bricker Graydon LLP on

It’s not getting any easier. In fact, “for K-12 schools, cyber incidents are so prevalent that, on average, there is more than one incident per school day.” While high-profile cyber threats like ransomware and data...more

Troutman Pepper

Tackling Credit Push Fraud: Understanding Nacha's Risk Management Package (Part One) — Payments Pros: The Payments Law Podcast

Troutman Pepper on

In this episode of Payments Pros, Carlin and Keith welcome back Jordan Bennett, Nacha's senior director of network risk management, for a two-part series on the newly approved rules designed to combat credit push fraud....more

Orrick, Herrington & Sutcliffe LLP

Nacha’s new rules intends to reduce business fraud that uses credit-push payments

On March 18, Nacha announced rule amendments intended to reduce the incidence of frauds that leverage credit-push payments, such as vendor impersonation and business email compromise (BEC). While, importantly, the rules will...more

Troutman Pepper

Nacha Approves New Rules to Combat Credit-Push Fraud

Troutman Pepper on

On March 18, Nacha, the organization that governs the ACH network, announced that its members approved a new set of rules aimed at reducing the incidence of frauds, such as business email compromise (BEC), that exploit...more

Amundsen Davis LLC

Best Business Practices to Prevent or Reduce the Risk of Wire Transfer Fraud

Amundsen Davis LLC on

Cyber fraud has been around as long as the internet itself, but cyber criminals are more sophisticated than ever. While any experienced email user can spot a phony “Nigerian Prince” a mile away, even the most vigilant...more

Burr & Forman

Bank Liability for Business Email Compromises and Fraudulent Payments

Burr & Forman on

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

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

As If Bank Failures Aren’t Enough – Hackers Are Exploiting the Chaos to Breach Security

The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more

Faegre Drinker Biddle & Reath LLP

Federal Court Holds Bank Liable For Business Email Compromise Losses

We have written on previous occasions about the rise in frequency and severity of Business Email Compromise (BEC) cyberattacks. As explained in other posts, BEC attacks are a type of phishing scam typically targeting...more

Ballard Spahr LLP

FinCEN Analyzes BEC Trends in the Real Estate Sector

Ballard Spahr LLP on

On March 30, 3023, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focusing on business email compromise (BEC) trends and patterns in the real estate sector (referred to as “RE BEC”). The...more

Orrick, Herrington & Sutcliffe LLP

FinCEN analyzes BEC threat patterns and trends in the real estate sector

On March 30, FinCEN released a Financial Trend Analysis examining threat patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector during 2020 and...more

Vinson & Elkins LLP

Missing Gold: Misappropriation by SPAC CFO Underscores Importance of Internal Controls

Vinson & Elkins LLP on

On February 22, 2023, the Securities and Exchange Commission (“SEC”) issued a cease-and-desist order (the “Order”) charging African Gold Acquisition Corp. (“African Gold”) with multiple violations of the Securities Exchange...more

Davis Wright Tremaine LLP

Federal Court Holds Financial Institution Liable for Business Email Compromise Loss

While ransomware attacks usually grab the headlines, business email compromise (BEC) attacks continue to cause massive financial losses for businesses. The FBI’s Internet Crime Complaint Center (IC3), reported BEC losses in...more

Constangy, Brooks, Smith & Prophete, LLP

Business email compromise: What you can do to prevent fraud and recover funds

Fight back against this major cyber threat. Business Email Compromise is one of the greatest cyber threats to businesses of all sizes and industries, particularly those involved in regular wire transfers of funds....more

Robinson+Cole Data Privacy + Security Insider

Threat Groups Using Translation Tools in Phishing Attacks

It used to be that one of the sure ways to identify a phishing email was to notice grammatical errors or broken English in the text of the communication. Thanks to new translation tools like Google Translate, that are...more

Davis Wright Tremaine LLP

Passing the Fraud Loss Hot Potato

The shifts in customer behavior driven by the global COVID pandemic were a boon for digital payments – consumer adoption in the U.S. reached 82% in 2021, up from 78% in 2020 and 72% in 2016. However, the industry "sector"...more

Polsinelli

Cybersecurity To-Dos in 2023

Polsinelli on

Introduction - The cybersecurity threat landscape continues to evolve and present new challenges pertaining to the protection of electronically stored information. Innovative “hacking” tactics constantly emerge and...more

Polsinelli

Ten Individuals Charged in Business Email Compromise Scheme Targeting Medicare, Medicaid and Other Insurers

Polsinelli on

On November 18, 2022, the U.S. Department of Justice (“DOJ”) announced charges against ten defendants across Georgia, South Carolina and Virginia, resulting from a scheme that allegedly targeted Medicare, state Medicaid...more

Troutman Pepper

Wire Fraud Scams: What You Need to Know - The Consumer Finance Podcast

Troutman Pepper on

Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry....more

Goldberg Segalla

Cybersecurity Risks for Business- A Primer on Prevention

Goldberg Segalla on

As technology evolves, companies are finding ways to become more nimble and conduct business more efficiently — over remote networks, email on handheld devices, the cloud, and on cellphones. Yet, as technology advances, so...more

Kelley Drye & Warren LLP

[Webinar] 2022 WORKing Lunch Series: Protecting Your (Human) Resources: Fighting Business Email Compromise and Ransomware -...

HR employees are, willingly or not, the guardians of the company’s most sensitive collection of data—its employee’s personal information. Cybercriminals often perceive the human resources department as the perfect gateway...more

Locke Lord LLP

WTF?! – Wire Transfer Fraud Coverage Disputes Continue

Locke Lord LLP on

Business email compromises (BECs) remain big business. According to a recent FBI report, “[i]n 2021, BEC schemes resulted in 19,954 complaints with an adjusted loss of nearly $2.4 billion.” This is an increase from just over...more

Goldberg Segalla

Death by a Thousand Paper Cuts: The Scourge That Is Business Email Compromise

Goldberg Segalla on

In June 2014, the CEO of Omaha-based Scoular Company sent a series of emails to his company’s controller to let him know that the company was in negotiations to buy a Chinese company. The emails highlighted the sensitivity of...more

Foley Hoag LLP

[Webinar] How to Prevent and Respond to Business Email Compromises - April 26th, 12:30 pm - 1:30 pm ET

Foley Hoag LLP on

Please join us for a discussion and Q&A regarding the growing threat of business email compromises (a.k.a. man-in-the-middle attacks). Attorneys Chris Hart and Yoni Bard, litigators with experience in privacy matters and...more

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