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Fraud › Fraudulent Wire Transfers › Email

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
Williams Mullen

Email Payment Scams: Assume the Worst

Williams Mullen on

Cybercriminals will continue intercepting electronic fund transfers (EFTs) until EFT participants slow down, read, and ask questions, particularly in response to emails requesting last-minute changes to payment methods (e.g.,...more

Guidepost Solutions LLC

Defending Your Law Firm Against Cyber Threats

Guidepost Solutions LLC on

In an increasingly digitized world, law firms are prime targets for sophisticated cyber threats that can result in substantial financial losses and reputational damage. Recently, a prominent law firm, esteemed for its...more

Hahn Loeser & Parks LLP

Owners and Contractors Beware! Electronic Payments in Construction Are Subject to Increased Fraud

Hahn Loeser & Parks LLP on

While electronic funds transfer is considered a convenient and quicker way to process payments and receive funds on construction projects, this practice presents significant risk to project participants. Contractual and...more

K&L Gates LLP

Two Federal Appellate Courts Rule That Policyholders Are Entitled to Insurance Coverage for Losses Arising from Social Engineering...

K&L Gates LLP on

In recent years, courts across the country have considered policyholder’s claims for insurance coverage for so-called social engineering losses, e.g., losses that result from a criminal tricking a policyholder into wiring...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

Orrick, Herrington & Sutcliffe LLP

FBI Warns Against Fraudulent E-mail Scheme

Orrick, Herrington & Sutcliffe LLP on

Companies should take notice of a new fraud scheme that has been making the rounds, targeting businesses that regularly make wire transfers. Known as the "Business E-mail Compromise," or BEC, this scam targets employees...more

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