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Recent Posts
- Virginia Court in Email ACH Funds Transfer Fraud Case Relies on NACHA Rules in Permitting Claims Against Bank
- Nevada Bench Trial Applies UCC in Allocating Loss Between Hacked Seller and Duped Buyer
- Salvatore Scanio’s Article on the NAIC Insurance Data Security Model Law Published by ABA’s Cybersecurity and Data Privacy Committee
- New York Court Rejects Cut Down of UCC Art. 4A’s 1-Year Notice Rule for Unauthorized Funds Transfers
- FinCEN Advisory Highlights Cybercriminals Exploiting COVID-19 Pandemic for Funds Transfer Fraud
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Category Archives: CORPORATE
Payment Card Fraud, Data Breaches and Emerging Payment Technologies
In today’s cybercrime era, a cliché has evolved: there are two types of companies, those that have been hacked (or don’t know it yet) and those that will be hacked. According to Verizon’s 2015 Data Breach Investigations Report, across all … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged Apple Pay, Card Network Rules, Credit Card Liability, Cybercrime, Data Breaches, Data Security Breach Litigation, Debit Card Liability, EMV Chip Card, Encryption, Near Field Communication (NFC), Payment Card Fraud, Payment Card Industry (PCI) Data Security Standards, Prepaid Card Liability, Regulation E, Regulation Z, Salvatore Scanio, Tokenization
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Recent 11th Circuit Opinion in Financial Institution Bond Coverage Case Illustrates Definition of “Counterfeit”
As reported in our July 2014 post, “More Federal Decisions Highlight Need to Invoke Original Document Defense in Financial Institution Bond Cases,” several recent federal decisions have served as reminders of the importance of the original document requirement defense under … Continue reading
More Federal Decisions Highlight Need to Invoke Original Document Defense in Financial Institution Bond Cases
As reported in our September 2013 Newsletter, recent federal decisions in Michigan serve as instructive reminders of the need for insurers in Financial Institution Bond (FIB) cases to timely explore the availability of, and invoke, the original document requirement defense … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged Bank Fraud, Counterfeit Securities, Cybercrime, Declination Letter, EFT Fraud, Electronic Funds Transfer (EFT), Electronic Transmission, Financial Institution Bond (FIB), Insurance Coverage, Original Documents, Robert Ludwig, Salvatore Scanio, Waived Defenses, Wire Transfer Fraud
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Eighth Circuit Upholds Ruling and Allows Attorneys’ Fees in Favor of Bank in Malware Wire Case Where Customer Refused Security Procedures
In a recent malware case arising from a large fraudulent wire transfer, the Eighth Circuit Court of Appeals upheld the district court’s grant of summary judgment to the bank. Choice Escrow and Land Title, LLC v. BankcorpSouth Bank, 2014 U.S. … Continue reading
Posted in BANKING & FINANCE, CORPORATE, LITIGATION
Tagged Account Takeover, Attorney’s Fees, Bank Customer Contract, Cybercrime, Deposit Account Agreement, EFT Fraud, Electronic Funds Transfer (EFT), Malware, Online Banking, Robert Ludwig, Salvatore Scanio, Security Procedures, UCC Article 4A, Wire Transfer Fraud
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New York Court of Appeals Approves Reduction of UCC One-Year Notice Period for Reporting Check Fraud to Fourteen Days
Under UCC § 4-406(f), a customer must discover and report any unauthorized signature or alteration on a check to its bank within one year after a statement or check is made available to the customer. Absent timely notice, the customer’s … Continue reading
The Future of Payments Fraud/Counterfeit Cashier’s Checks
Sal Scanio spoke at BAI’s Payments Connect 2014 conference, The Future of Payments Fraud, in Las Vegas on March 11, 2014, as part of a panel titled, Counterfeit Cashier’s Checks: Avoiding Both Fraud and Revenue Losses. In recent years, financial … Continue reading