News & Analysis as of

Fraud Business E-Mail Compromise (BEC)

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
Arnall Golden Gregory LLP

Account Takeover and Business Email Compromise Fraud: Legally Puzzling Payments Problems

In a series of three articles, we will address the ascendency of account takeover (“ATO”) and business email compromise (“BEC”) fraud — the unfortunate occurrence where a payor or intended payee’s account is compromised,...more

Amundsen Davis LLC

Best Business Practices to Prevent or Reduce the Risk of Wire Transfer Fraud

Amundsen Davis LLC on

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

Burr & Forman

Bank Liability for Business Email Compromises and Fraudulent Payments

Burr & Forman on

While at your place of business, you receive an email from a trusted source with an established vendor, notifying you that the vendor’s bank account information has changed. Do you note the change in your business records and...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

Davis Wright Tremaine LLP

Passing the Fraud Loss Hot Potato

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

Locke Lord LLP

WTF?! - Wire Transfer Fraud Litigation

Locke Lord LLP on

Threat actors have recently and significantly increased efforts to defraud organizations and individuals through business email compromise (BEC). In BEC and related scams, the threat actors trick unsuspecting targets into...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

Bennett Jones LLP

Business Email Compromise: Protect Your Company From This Common Scam

Bennett Jones LLP on

Between 2016 and 2019, Business Email Compromise (BEC) scams cost American organizations US$3.1 billion in losses and Canadian organizations US$33.6 million. This type of pervasive scam targets large and small businesses...more

Fox Rothschild LLP

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

Fox Rothschild LLP on

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

Ballard Spahr LLP

SEC Special Report: Rampant Business Email Compromises Require Reassessment of Internal Accounting Controls

Ballard Spahr LLP on

The U.S. Securities and Exchange Commission (SEC) has joined the government chorus in sounding the alarm about the rapid rise in "business email compromises" that are victimizing organizations across industry sectors....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

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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