Tackling Credit Push Fraud: Understanding Nacha's Risk Management Package (Part One) — Payments Pros: The Payments Law Podcast
Wire Fraud Scams: What You Need to Know - The Consumer Finance Podcast
Business Email Compromise
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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