News & Analysis as of

Hackers Money Transfer

Constangy, Brooks, Smith & Prophete, LLP

Business email compromise: What you can do to prevent fraud and recover funds

Fight back against this major cyber threat. Business Email Compromise is one of the greatest cyber threats to businesses of all sizes and industries, particularly those involved in regular wire transfers of funds....more

White and Williams LLP

Pennsylvania Federal Court Finds No Coverage For Hacking Claim Under E&O Policy

White and Williams LLP on

On June 9, 2022, the U.S. District Court for the Eastern District of Pennsylvania held, on summary judgment, that an insured was not entitled to coverage under a Professional Errors and Omissions (E&O) policy for loss...more

Jones Day

DOJ's Business Email Compromise Takedown Illustrates Pervasiveness of Internet Fraud Schemes

Jones Day on

On June 12, 2018, the U.S. Department of Justice announced the internationally coordinated arrests of 74 individuals involved in a series of multimillion-dollar business email compromise schemes ("BEC"). Although these...more

Patterson Belknap Webb & Tyler LLP

Follow the Money and Beware the Extra “L”: First Department Sustains Claims against Fund Administrator After Hackers Grab Millions

A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more

Robinson+Cole Data Privacy + Security Insider

SWIFT Shores Up Network Security With Real Time Cybersecurity Tools

In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more

Robinson+Cole Data Privacy + Security Insider

In Wake of Cyber-Attacks, Regulators Focus on SWIFT as Senators Urge Obama to Press G20 to Combat Cybercrime

As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve,...more

Robinson+Cole Data Privacy + Security Insider

Ukrainian bank loses $10 million in latest SWIFT cyber-attack

An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more

Robinson+Cole Data Privacy + Security Insider

Sanction rules adopted for cyberattackers

The federal government issued The Cyber-Related Sanctions Regulation on December 31, 2015, which allows the freezing of assets of suspects who aid in cyberattacks. The Regulation follows an Executive Order from April, 2015,...more

Orrick, Herrington & Sutcliffe LLP

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

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