News & Analysis as of

Email Cybersecurity Fraud

Troutman Pepper Locke

Need for Enhanced Cybersecurity in Public Finance — Cyberthieves Steal Bond Proceeds

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Recent events highlight the need for enhanced cybersecurity protocols in government offices across the U.S. In late November 2024, the Township of White Lake in Michigan, intended to issue approximately $29 million in general...more

A&O Shearman

Business email compromise and invoice fraud – a duty of care on the innocent?

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The Western Australian District Court’s recent decision in Mobius Group Pty Ltd v Inoteq Pty Ltd1 highlights the potential consequence for the innocent party where fraudulent changes in bank details are sent from their...more

HaystackID

[Webcast Transcript] Anatomy of a Business Email Compromise

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Editor’s Note: This webcast brings together some of HaystackID’s top experts to dissect the intricacies of Business Email Compromise (BEC) attacks—a rapidly growing threat impacting organizations globally. During the...more

Guidepost Solutions LLC

Defending Your Law Firm Against Cyber Threats

In an increasingly digitized world, law firms are prime targets for sophisticated cyber threats that can result in substantial financial losses and reputational damage. Recently, a prominent law firm, esteemed for its...more

Kohrman Jackson & Krantz LLP

Safeguarding Against the Rise of Deepfake Scams: What Employers and Employees Need to Know

A recent deepfake scam has rocked the financial landscape of Hong Kong, demonstrating the extreme lengths to which cybercriminals are willing to go to defraud unsuspecting victims. This sophisticated scheme, which saw...more

Console and Associates, P.C.

NIH Federal Credit Union Notifies 14,706 Members of Data Breach

On July 5, 2023, the National Institutes of Health Federal Credit Union filed a notice of data breach with the Attorney General of Maine following the company’s discovery that an unauthorized party was able to get into an...more

Wiley Rein LLP

Court Holds Social Engineering Fraud Does Not Trigger Computer Fraud Coverage

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The United States District Court for the District of Minnesota, applying Minnesota law, has held that an insured’s loss resulting from the insured’s payment of fraudulent invoices received from a bad actor who hacked into the...more

Adams & Reese

Don’t Fall Prey to “The $43 Billion Scam”: Business Email Compromise Schemes on the Rise for Construction Companies

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As updated statistics from the FBI’s Internet Crime Complaint Center show, business email compromise (BEC) schemes increasingly put funds transfers at risk. Between June 2016 and December 2021, reported exposed dollar loss...more

Clark Hill PLC

Be Vigilant for Fraudulent Emails – Even if They’re From the FBI

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The FBI has reported that an email system was compromised and used to send out thousands of fraudulent emails about a fake cybercrime investigation to over 100,000 inboxes....more

Hogan Lovells

Partially relieved – Hong Kong court judgment highlights difficulties facing cyber fraud victims in seeking recovery

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The Hong Kong Court of First Instance in Edison Norge As v. BZZ Ltd [2021] HKCFI 135 has granted default judgment against email fraudsters whilst granting the declaratory relief applied for only in part. This decision...more

K2 Integrity

Targeted Cyber Frauds in Today’s Global Crisis

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You receive an email saying that due to COVID-19, a number of regularly scheduled meetings are moving to new dates and times. While hovering over the conveniently provided email link to your calendar, you notice the email...more

Fox Rothschild LLP

FinCEN Unveils New Efforts To Combat Widespread Business Email Compromise Fraud Scams As Losses Reach $300 Million Per Month

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has announced new efforts to crack down on Business Email Compromise (BEC) schemes and those who profit from such scams. BEC fraud schemes generally...more

Hinshaw & Culbertson LLP

The Lawyers' Lawyer Newsletter - Recent Developments in Risk Management - March 2019

Insurance Coverage – Computer Fraud – E-Mail “Spoofing” - Medidata Sols., Inc. v. Fed. Ins. Co., 729 Fed. Appx. 117 (2d Cir. 2018), 2018 U.S. App. Lexis 18376, 2018 WL 3339245 - Risk Management Issue: Is e-mail “spoofing”...more

Brownstein Hyatt Farber Schreck

SEC Cautions That Cyber-Related Fraud Could Evidence Failed Internal Accounting Controls

On Oct. 16, 2018, the Securities and Exchange Commission (the “SEC”) released a cautionary report discussing whether certain public companies that had become victims of cyber-related fraud may have violated federal securities...more

A&O Shearman

Can a Cyber Breach Be a Violation of Internal Controls? The SEC Says, ‘Maybe’

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On October 16, 2018, the Securities and Exchange Commission (SEC) issued a report outlining an investigation conducted by the SEC’s Division of Enforcement related to the internal accounting controls at nine public companies...more

Troutman Pepper Locke

Cyber Threats and Internal Accounting Controls

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On October 16, 2018, the Securities and Exchange Commission (“SEC”) issued an investigative report (see here) pursuant to Section 21(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) warning public companies that...more

Carlton Fields

Scratching the Surface: The FTC’s Phishing Tips for Victim Companies Are a Good First Step but Companies Should Not Stop There

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In one type of phishing, fraudsters impersonate your business when contacting consumers. Phishing victims think they’re giving information to your company — by phone or Internet —but instead give personal or financial...more

King & Spalding

Another Cyber Coverage Gap? Some Carriers Resisting Coverage Of Commercial Cyber Fraud

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In the fast-developing world of cyber threats and corresponding cyber coverage, at least two insurance carriers are pushing back against covering losses arising out the transfer of funds to cyber fraudsters after employees...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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