Making Cents of Your Cash Management Agreements
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
On March 10, 2023, the US Federal Deposit Insurance Corporation took control of the assets of Silicon Valley Bank (SVB). In light of SVB’s closure, many venture firms and emerging companies are establishing new accounts with...more
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
A New Jersey federal district court held last week that losses arising out of a phishing scam were not covered under a bank's Financial Institutions Bond. In Crown Bank JJR Holding Co. v. Great Am. Ins. Co., 2020 U.S. Dist....more
In Belle Meade Title & Escrow Corp. v. Fifth Third Bank, et al., No. 3:17-cv-874, ECF No. 26, — WL —- (M.D. Tenn. Oct. 17, 2017), a federal district court granted Regions Bank’s motion to dismiss the claims against it,...more
Over the last decade as the specter of cyber attacks has increased dramatically, financial institutions have been encouraged to look into the use of cyber fraud insurance as one means of minimizing risk. A recent decision by...more
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
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
With policyholders facing increased losses from hacking and business email compromise, insurers are fighting hard to escape their obligations under financial institution bonds, crime policies and cyber insurance policies. In...more
On May 20, 2016, the U.S. Court of Appeals for the Eighth Circuit affirmed breach-of-contract claims brought by Minnesota-based State Bank of Bellingham (“Bellingham Bank”) against BancInsure Inc. (“BancInsure”), an insurance...more
For the second time this year, SWIFT is reporting another cyber-attack on a commercial bank. In a notice issued this morning, SWIFT said that attackers with a “deep and sophisticated knowledge of specific operational...more
Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in...more
UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more