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Email Financial Institutions

Jackson Lewis P.C.

Failure to Safeguard, Two Cyber Intrusions, and an $850,000 SEC Settlement

Jackson Lewis P.C. on

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

Wiley Rein LLP

FTC Uses Enforcement Proceeding to Send Message on Account Security Practices

Wiley Rein LLP on

Account security and digital identity have been hot topics for regulators and at the National Institute of Standards and Technology (NIST). The government has been promoting multifactor authentication (MFA) and innovation in...more

BCLP

NYDFS Imposes Heavy Fine and Adopts Expansive View of Multi-Factor Authentication Requirements Under Cybersecurity Regulations:...

BCLP on

The New York Department of Financial Services (NYDFS) recently announced the resolution, through Consent Order, of its third enforcement action against entities subject to the agency’s Cybersecurity Regulations (“Cyber...more

K2 Integrity

Targeted Cyber Frauds in Today’s Global Crisis

K2 Integrity on

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

Neal, Gerber & Eisenberg LLP

High Profile "Shark" Gets Phished, Demonstrates Continued Need for "Social Engineering" Insurance

Media outlets recently reported that Barbara Corcoran, one of the judges on the popular ABC show “Shark Tank,” was the victim of a “spear phishing” scam. See, e.g.,...more

Faegre Drinker Biddle & Reath LLP

Recent FinCEN Advisory Details Dramatic Increase in Frequency and Severity of Business Email Compromise Fraud Schemes

On July 16, 2019, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued an “Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Processes” (the “Advisory”). The...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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In January 2017, Alibaba co-founder Jack Ma was proudly promising to create 1 million jobs in America—a heady promise but one not unthinkable given Alibaba’s massive scale. Fast forward 20 months and a growing Sino-American...more

Robinson+Cole Data Privacy + Security Insider

Botnet Necurs Turns Its Focus On Banks

Just days after the FBI issued a private warning to the banking industry, the botnet network known as Necurs began a spamming campaign that targeted the banking industry. The activity was discovered by the security research...more

Patterson Belknap Webb & Tyler LLP

Follow the Money and Beware the Extra “L”: First Department Sustains Claims against Fund Administrator After Hackers Grab Millions

A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more

Foodman CPAs & Advisors

Are Cyber Thieves Compromising E-Mail? .. YES!

Foodman CPAs & Advisors on

Recently FinCEN issued Advisory (FIN-2016-A003) regarding e-mail compromise schemes that defraud Financial Institutions by deceiving them into conducting wire transfers that result in misappropriated customers funds. The...more

Orrick, Herrington & Sutcliffe LLP

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

Manatt, Phelps & Phillips, LLP

FinCEN Warns of E-Mail Compromise Schemes

Financial institutions should be aware of a growing number of e-mail compromise schemes, the Financial Crimes Enforcement Network (FinCEN) warned in a new advisory bulletin. What happened - Developed in coordination...more

Cozen O'Connor

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Cozen O'Connor on

Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Bryan Cave Leighton Paisner

How Many Times Do We Have to Tell You Not to Open the Cat Video

Everyone has been in a movie theater when one of the actors approaches that door to the basement behind which strange noises are coming. They reach out to turn the knob and in unison the audience is thinking “Fool, haven’t...more

Burr & Forman

Scam Spammers Use IM Apps to Pump & Dump

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In a September 2 Alert, FINRA warns that scammers are using messaging app spam-casts to impersonate brokers and tout micro-cap stocks to “pump” their prices, before “dumping” their positions at the top and leaving investors...more

Davis Wright Tremaine LLP

Cuba Si! Trade With Cuba … Not Quite Yet

There has been much fanfare surrounding the reestablishment of diplomatic relations with Cuba, starting with President Obama’s announcement of the resumption of bilateral relations, and followed by the formal establishment of...more

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