Making Cents of Your Cash Management Agreements
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
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
Join Warner Norcross + Judd LLP attorneys Madelaine Lane, Kelly Hollingsworth and Nate Steed for a webinar focused on preventing and mitigating wire transfer fraud. Cyber criminals are utilizing phishing emails and other...more
Cybercriminals exploited remote work during the COVID-19 pandemic. In 2020, the FBI’s Internet Crime Complaint Center (IC3) saw a record 70% increase in the number of reported internet scams and losses exceeding $4.2...more
The McAfee & Taft Aviation Group has recently seen an increase in the number of phishing schemes relating to aviation escrow matters. Phishing is the fraudulent attempt to obtain sensitive information or data, such as...more
Phishing and social engineering attacks to divert wire transfers or invoice payments are not new fraud techniques, but they have recently taken a back seat to ransomware as posing the greatest cyberthreat to businesses. ...more
The COVID-19 crisis has triggered a resurgence of fraudulent international wire transfers. Companies and banks should therefore be extra vigilant when dealing with international wire transfer orders....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
While electronic funds transfer is considered a convenient and quicker way to process payments and receive funds on construction projects, this practice presents significant risk to project participants. Contractual and...more
A new Sixth Circuit decision may signal an emerging trend on whether insurers must cover claims made by policyholders who fall victim to phishing scams....more
Fine violins do not have serial numbers, but they do typically have a label inside identifying the maker and frequently the year and location where the violin was made. Many violin makers, or luthiers[i] as they are known,...more
It is tax season once again, and with it comes an increased threat of phishing scams targeting human resources and payroll personnel. In 2016, the IRS alerted employers to a then-emerging email phishing scheme in which...more
Sometimes, it’s easy to know you’re being phished. There’s little chance that a bank administrator in a country you’ve never heard of really needs your help to get the unclaimed money of a deceased, rich foreigner out of the...more
We are reaching out to our investment firm clients to advise them of an email “spear phishing” scam that has targeted investment firms recently, attempting to lure their personnel into inadvertently revealing their email...more
Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...more
We have consistently reported about increased phishing attacks through emails that purport to come from high level executives, including CEOs. According to the FBI, the hackers use sophisticated social engineering to spoof...more
Gone are the days of the overtly suspicious request from a Nigerian prince asking for your social security number or a friend needing a loan to get out of jail in a foreign country. These easily recognizable hacking attempts...more
In late June, the New York Court of Appeals affirmed a trial court ruling that there was no coverage for a health insurance company policyholder, under a “Computer Systems Fraud” rider issued by its insurer, for an underlying...more