Making Cents of Your Cash Management Agreements
The facts are an oft-told business email compromise horror story: a hacker interjects themselves into an email discussion of a business deal, changes the wire instructions to their own account, and disappears with the...more
In this episode of Decision Dive, Balch’s Jason Tompkins, Chair of Balch & Bingham’s Issues & Appeals Practice, is joined by Conrad Anderson IV, partner in the firm’s Litigation Practice, to explore the Alabama Court of Civil...more
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
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
In Star Title Partners of Palm Harbor LLC v. Illinois Union Insurance Co., the Eleventh Circuit Court of Appeals affirmed judgment for the insurer and held that coverage did not exist under the plain language of a...more
A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four wire transfers totaling $1.4 million...more
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
Business email compromise (BEC) threats are soaring. Huge amounts of money are at risk. We share some practical tips to reduce the chances of being swindled -- and to try to recover amounts if you are....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
On December 12, 2019, the Department of Justice (DOJ) announced that a former civilian employee of the U.S. Army is being prosecuted by the DOJ’s Criminal Division’s Fraud Section....more
Real Estate Wire Fraud is Increasing - Just as the stolen Huberman was hidden in plain sight, fraud in real estate transactions has moved out of the shadows and into plain view. Today’s real estate fraudsters pose as...more
In recent years, courts across the country have considered policyholder’s claims for insurance coverage for so-called social engineering losses, e.g., losses that result from a criminal tricking a policyholder into wiring...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
The Joint Committee of the European Supervisory Authorities has published final Guidelines on preventing terrorist financing and money laundering in electronic fund transfers under the EU Wire Transfer Regulation. The Wire...more
The ability to avoid fraudulent or preferential transfers is a fundamental part of U.S. bankruptcy law. However, when a transfer by a U.S. entity takes place outside the U.S. to a non-U.S. transferee—as is increasingly common...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
Beyond the headlines, the latest cyberattacks target corporate bank accounts, rather than consumer credit cards. The FBI has been warning that wire transfer fraud is booming. The billion-dollar problem targets businesses --...more
Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...more