News & Analysis as of

Hackers Fraudulent Wire Transfers Cyber Attacks

Vinson & Elkins LLP

Who’s to Blame: Texas Federal Court Finds Contractual Counterparty Not Liable for Third-Party Wire Transfer Fraud

Vinson & Elkins LLP on

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

Wyrick Robbins Yates & Ponton LLP

Fraudulent Wire Transfers: Who Bears the Loss and How to Prevent Becoming A Victim

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

McAfee & Taft

Beware of phishing schemes relating to aviation escrow matters

McAfee & Taft on

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

Snell & Wilmer

Business Email Compromise: What It Is and What You Can Do

Snell & Wilmer on

Business email compromise (“BEC”) is a type of cyberattack that is increasing at an alarming pace. The U.S. Federal Bureau of Investigation estimated in a May 2017 alert that global losses due to BEC scams totaled more than...more

McGuireWoods LLP

8th Circuit: Financial Institution Bond Provides Coverage for Fraudulent Wire Transfers

McGuireWoods LLP on

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

Patterson Belknap Webb & Tyler LLP

Round Two: SWIFT Reports Another Bank Attack

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

Miles & Stockbridge P.C.

The Sophisticated Hack: Business Email Compromise

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

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