Making Cents of Your Cash Management Agreements
Day 17 of One Month to More Effective Compliance for Business Ventures- Corporate Controller and Business Ventures
As anticipated, 2025 is already shaping up to be a busy year in consumer financial services, with a federal district court expanding the application of a strict consumer protection law to wire transfers. The potential for a...more
A recent cyberattack on a Michigan township has exposed weaknesses in the bond-closing process. In this incident, hackers stole over $25 million in bond proceeds by using spoofed email addresses to provide fraudulent wire...more
On November 8, 2024, the California Privacy Protection Agency (CPPA) Board voted to adopt new regulations for data broker registration requirements. The CPPA Board also voted to advance proposed rules for insurance companies,...more
Federal jurisdiction under the Gramm Leach Bliley Act (“GLBA”) is a patchwork, particularly for banks –the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency all...more
The construction industry’s rapid digital transformation has opened the door to new cybersecurity challenges. As the sector adopts innovative technologies like cyber-physical systems, Building Information Modeling (BIM), and...more
When you hear the word cyberattack you think of attacks on banks, large box stores, or medical facilities. You should add the construction industry to that list because it is the third most common target for cyberattacks....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
The United States District Court for the District of Minnesota, applying Minnesota law, has held that an insured’s loss resulting from the insured’s payment of fraudulent invoices received from a bad actor who hacked into the...more
Business email compromises (BECs) remain big business. According to a recent FBI report, “[i]n 2021, BEC schemes resulted in 19,954 complaints with an adjusted loss of nearly $2.4 billion.” This is an increase from just over...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
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
The Fifth Circuit has affirmed a district court ruling that a crime policy’s Computer Transfer Fraud coverage did not apply to losses incurred in connection with an email phishing scam. See Mississippi Silicon Holdings LLC v....more
Media outlets recently reported that Barbara Corcoran, one of the judges on the popular ABC show “Shark Tank,” was the victim of a “spear phishing” scam. See, e.g.,...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
The European Commission has published a report detailing: (i) the extent to which Member States have implemented the sanctions and monitoring sections of the EU Wire Transfer Regulation; and (ii) the particular sanctioning...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
In its C-Suite Challenge 2019, The Conference Board surveyed more than 800 CEOs and some 600 other C-Suite executives around the globe, drawing primarily from the U.S., Asia, and Europe. ...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
Excited about closing on his new house, Furst Thyme Byer received emailed wire transfer instructions for his full $250,000 payment from his broker Chad at Chase N Rainbows Realtors. ...more
Electronic signature technology company DocuSign has admitted that it suffered a breach of one of its computer systems resulting in stolen data including customer and user email addresses. The breach has allowed the hackers...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