Making Cents of Your Cash Management Agreements
Day 17 of One Month to More Effective Compliance for Business Ventures- Corporate Controller and Business Ventures
On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed a district court’s decision holding a credit union liable for a wire transfer in a business email compromise scam case where the credit union lacked...more
Business email compromise (“BEC”) occurs when a payee’s business email account is compromised or impersonated. The threat actor, posing as the payee or its representative (e.g., the head of the accounting department), sends...more
Following the collapse and federal takeover of Silicon Valley Bank (SVB) on Friday, March 10, scam artists wasted no time preying on the bank’s customers. Reports have surfaced of an email scam that initially targeted...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
By this point, most businesses that regularly send and receive funds electronically have heard about the risk of wire fraud scams in which an intruder changes wiring instructions and diverts funds to its own account,...more
This week, in Crown Bank JJR Holding Company v. Great American Insurance Company, 2020 U.S. Dist. LEXIS 23136 (D.N.J. Feb. 11, 2020), the New Jersey federal court held that loss from mis-wiring bank funds as a result of a...more
Did you know Americans lost nearly $150 million dollars to real estate internet scams last year? That makes real estate cyber crime a greater risk to Americans than identity theft ($100 million in losses) or credit card fraud...more
Imagine this scenario: you’ve had a productive and mutually advantageous ongoing contractual relationship of several years with another party. You have built up quite a bit of trust over the years, and communicate regularly...more
The regulatory sword of the financial industry came down on a former securities employee for violations involving wire transfers out of a client’s account. The Financial Industry Regulatory Authority (FINRA) provides...more
A report released by cybersecurity firm Agari has come to a conclusion that we have experienced all year—that a hacking group in Nigeria, dubbed “London Blue,” is targeting CFOs and Controllers in small businesses to...more
No one can argue that technology has worked wonders in the area of real estate transactions, making these transactions faster, smoother and more accessible. However, thanks to technology these transactions are now exposed to...more
Some Words Are More Equal Than Others: BancInsure vs. FDIC - In George Orwell's "Animal Farm", the governing principle that "all animals are equal" was revised by the pigs, who had ascended into power, to "all animals...more