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Fraud › Liability › Uniform Commercial Code (UCC)

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

Depository Institution Not Liable in ACH Fraud Case

Woods Rogers on

On March 26, 2025, the U.S. Court of Appeals for the Fourth Circuit issued an important decision addressing a depository institution’s liability for wire transfer losses resulting from a business email compromise scam....more

Holland & Knight LLP

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge

Holland & Knight LLP on

Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more

Arnall Golden Gregory LLP

Business Email Compromise Fraud: Should the Party Best Positioned to Avoid the Fraud Bear the Loss?

Arnall Golden Gregory LLP on

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

BCLP

The Same Old Wrongdoer Blues: Creative Fraud Leaves Employer Holding the Bag for Fraud on its Account

BCLP on

Articles 3 and 4 of the UCC provide a roadmap for addressing how to allocate liability for the various mistakes, embezzlements and forgeries that have followed the payments system since its invention several centuries ago....more

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