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
Business Email Compromise (BEC) has become a significant threat to organizations of all sizes, often resulting in hefty financial losses, operational disruptions, and reputational damage. Learn from HaystackID’s seasoned...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
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
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
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
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
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
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
By this point, most businesses that regularly send and receive funds electronically have heard about the risk of wire fraud scams in which an intruder changes wiring instructions and diverts funds to its own account,...more
Each year, the Internet Crime Complaint Center (“IC3”) of the Federal Bureau of Investigation publishes its Internet Crime Report. The IC3’s 2020 Internet Crime Report includes startling information about the continuing...more
As a result of the COVID-19 pandemic, millions of Americans have deserted the physical workplace. Modern technology and remote access capabilities have made it possible to transform almost any job to a telework position. As...more
With the COVID-19 related increase in remote work, anxious employees are being increasingly targeted by cyber criminals and hackers with phishing scams, business e-mail compromise schemes, and malicious ransomware. At the...more
With employees working from home, attackers are relying on the fact that assistants and others are not able to confirm these requests from the executives as they are not in the same physical proximity to the executives as...more
The FBI’s Internet Crime Complaint Center (“IC3”) has released its 2019 Internet Crime Report (“Report”) on trends and statistics of suspected cybercrimes from 2019. ...more
Scammers are always seeking new ways to target victims for Business Email Compromise (BEC) scams, where they leverage email to try to convince you to give them credentials, send them confidential information like W2s, send...more
Darkreading.com reported that the 281 criminals “stole more than 250,000 identities and filed more than 10,000 fraudulent tax returns… attempting to generate more than $91 million in refunds.” The September 11, 2019 report...more
Last week, the Vermont Supreme Court in Rainforest Chocolate, LLC v. Sentinel Insurance Company, 2018 VT LEXIS 240 (Vt. Dec. 28, 2018), held that the “False Pretense” exclusion in a business-owner policy did not exclude loss...more
Known by many names, including business email compromise fraud, CEO or CFO fraud, impersonation attacks, or “Man-in-the-Email” scams, cyber-related frauds involving spoofed or otherwise compromised business electronic...more
• The SEC issued guidance in the form of a rare “21(a) report” this week after investigating a series of email frauds impacting 9 unnamed companies. • These email-based frauds, referred to as “CEO scams” or “vendor scams,”...more
For the second time in ten days, a federal appeals court ruled a crime insurance policy provides coverage for losses arising from a business email compromise. In American Tooling Center, Inc. v. Travelers Casualty and Surety...more