Making Cents of Your Cash Management Agreements
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
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
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
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
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
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