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Coblentz Patch Duffy & Bass

Federal Reserve to Implement New ISO 20022 Funds Wiring System

Coblentz Patch Duffy & Bass on

Due to the Federal Reserve’s imminent shift to a new funds wiring system (known as ISO 20022), if you have upcoming plans to transfer any amount of funds via wire transfer, confirm with your bank and anyone else handling your...more

Orrick, Herrington & Sutcliffe LLP

District court grants bank’s motion for stay pending appeal to consider EFTA arguments

Orrick, Herrington & Sutcliffe LLP on

On April 22, the U.S. SDNY granted a bank’s motion for interlocutory appeal and stay pending appeal to the U.S. Court of Appeals for the Second Circuit in a case involving alleged violations of the EFTA. The case stemmed from...more

Burr & Forman

Bank Liability for Business Email Compromises and Fraudulent Payments

Burr & Forman on

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

Goodwin

Protecting Against Wire Fraud Scams

Goodwin on

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

Wilson Sonsini Goodrich & Rosati

Important Tips When Establishing New Bank Accounts and Updating Wire Transfer Information

Wilson Sonsini Goodrich & Rosati on

With the Federal Deposit Insurance Corporation’s (FDIC) takeover of Silicon Valley Bank (SVB), we expect a number of entities to begin establishing new bank accounts and updating wire transfer information. This creates...more

Troutman Pepper Locke

WTF?! - Wire Transfer Fraud Litigation

Troutman Pepper Locke on

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

Cozen O'Connor

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Cozen O'Connor on

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

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