News & Analysis as of May 20, 2025

Wire Transfers

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

Managing Fraud Risk in Consumer Wires

Orrick, Herrington & Sutcliffe LLP on 3/7/2025

As anticipated, 2025 is already shaping up to be a busy year in consumer financial services, with a federal district court expanding the application of a strict consumer protection law to wire transfers. The potential for a...more

Cyber Threats in Public Finance: Protecting Transactions from Wire Fraud

Orrick, Herrington & Sutcliffe LLP on 2/3/2025

A recent cyberattack on a Michigan township has exposed weaknesses in the bond-closing process. In this incident, hackers stole over $25 million in bond proceeds by using spoofed email addresses to provide fraudulent wire...more

Cybersecurity in the U.S. Construction Industry: Navigating Challenges and Strategies for a Secure Future – Part 1

Bradley Arant Boult Cummings LLP on 6/22/2023

The construction industry’s rapid digital transformation has opened the door to new cybersecurity challenges. As the sector adopts innovative technologies like cyber-physical systems, Building Information Modeling (BIM), and...more

Court Holds Social Engineering Fraud Does Not Trigger Computer Fraud Coverage

Wiley Rein LLP on 8/24/2022

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

WTF?! – Recurring Issues in Wire Transfer Fraud Coverage Disputes

Troutman Pepper Locke on 10/6/2021

Business email compromise threats trick unsuspecting targets into sending money to the perpetrators, often through use of fraudulent wire or ACH transfer instructions. Entities should take steps to protect themselves from...more

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