News & Analysis as of

Cyber Crimes Federal Bureau of Investigation Business E-Mail Compromise (BEC)

Robinson+Cole Data Privacy + Security Insider

FBI Issues Warning of Increased BEC During COVID-19 Pandemic

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

Alston & Bird

FBI Releases IC3 2019 Internet Crime Report

Alston & Bird on

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

Foley & Lardner LLP

281 criminal arrested for Spearphishing (think Business Email Compromise or BEC)!

Foley & Lardner LLP on

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

White and Williams LLP

Vermont Supreme Court Holds “False Pretense” Exclusion Ambiguous in Phishing Scam

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

Carlton Fields

District Courts Buck Trend on Fidelity Coverage for Social Engineering and Business Email Compromise Schemes

Carlton Fields on

The FBI continues to warn that losses are on the rise from business email compromise (BEC) or “social engineering” schemes, which the Bureau describes as: Carried out by transnational criminal organizations that employ...more

Mintz - Privacy & Cybersecurity Viewpoints

Court Holds Crime Policy Covers Business Compromise Email Loss

The “business compromise email” is what the FBI calls the “$5 billion scam,” but apparently an insurance company did not agree with an insured company that they had been the victim of a crime....more

Mintz - Privacy & Cybersecurity Viewpoints

Back to School – Avoiding Theft of Data and Money via the “Business Email Compromise” Scam

The FBI warned this summer that the “Business Email Compromise” (“BEC”) scam continues to grow, evolve, and target businesses of all sizes. As reported by the FBI in June, the scam had hit more than 22,000 victims for a...more

Snell & Wilmer

Beware of Emerging Cyber Scams – Part 1: Business Email Compromise

Snell & Wilmer on

This is the first in a series of articles about increasingly sophisticated cyber scams, and follows several alerts issued by the FBI’s Internet Crime Complaint Center (IC3). These scams include: (1) Business Email...more

Patterson Belknap Webb & Tyler LLP

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

Orrick, Herrington & Sutcliffe LLP

Policyholder Insider Quarterly

Some Words Are More Equal Than Others: BancInsure vs. FDIC - In George Orwell's "Animal Farm", the governing principle that "all animals are equal" was revised by the pigs, who had ascended into power, to "all animals...more

Orrick, Herrington & Sutcliffe LLP

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

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