News & Analysis as of

Cyber Attacks Financial Transactions

Amundsen Davis LLC

Is Nothing Sacred? Cyberattacks May Impact Director and Officer Fiduciary Duties

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MGM Resorts is the latest victim of a cyberattack occurring on September 10th, which has set back the gambling and leisure giant substantially, both in terms of business function and income. MGM is not alone. Household names...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

Console and Associates, P.C.

Claims of Ally Bank Debit Card Fraud Skyrocket Following Apparent Cyberattack

Recently, Ally Bank customers have been reporting a significant increase in the number of incidents involving unauthorized activity on their debit cards. While the company has yet to confirm any type of data breach, an Ally...more

Robinson+Cole Data Privacy + Security Insider

Vishing Continues to be a Risk Worth Assessing

Phishing, Smishing, Vishing, and QRishing. All of these schemes continue to pose risk to organizations that needs to be assessed and addressed. Vishing made a strong debut during the pandemic, and continues to be a scheme...more

Torres Trade Law, PLLC

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Hogan Lovells

Unfrozen – Hong Kong court rules “informal freezing” of bank accounts unlawful

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A Hong Kong court has ruled that the longstanding use of “letters of no consent” to freeze bank accounts suspected of harbouring the proceeds of crime, is unlawful. The decision, unless reviewed upon appeal, may mean extra...more

Proskauer - Blockchain and the Law

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

Torres Trade Law, PLLC

Crypto Crackdown: OFAC Sanctions SUEX Cryptocurrency Exchange

Torres Trade Law, PLLC on

On September 21, 2021, in a first-of-it-kind action, the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) imposed economic sanctions on SUEX OTC, S.R.O. (“SUEX”), a virtual currency exchange, for...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - June 2021

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CYBERSECURTY - U.S. CISA + Cyber Command Warns of Critical Flaw in VMware - Although a patch has been available by VMware since May 25, 2021, the Department of Homeland Security’s Cybersecurity and Infrastructure...more

Robins Kaplan LLP

Financial Daily Dose 1.10.2020 | Top Story: Ransomware Attack on Travelex Sows Chaos Across Foreign Exchange Sector

Robins Kaplan LLP on

Hackers who targeted airport currency exchange mainstay Travelex in a ransomware attack on New Year’s Eve have alerted British media that they possess 5 GB of sensitive customer data from the company “since gaining access to...more

Bilzin Sumberg

Jurisdictional Lessons from Mt. Gox Cryptocurrency Litigation

Bilzin Sumberg on

Last week, on the heels of a significant decline in Bitcoin prices, Forbes reported that China’s Central Bank is set to launch the world’s first state-backed cryptocurrency. The cryptocurrency will be made available initially...more

Robinson+Cole Data Privacy + Security Insider

Hack of Electrum Wallets Reaps over 200 Bitcoin (around $750,000)

A scary scheme by hackers recently successfully lifted Bitcoin from Electrum wallet owners to the tune of approximately $750,000....more

K2 Integrity

Tearing Down the Silos

K2 Integrity on

AML and cybersecurity teams must discover what they have in common, identify mutual strengths and weaknesses, and move toward an effective fusion of functions, processes, and mindsets. ...more

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