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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: BANKING & FINANCE
Cybercriminals Exploiting COVID-19 Pandemic for Funds Transfer Fraud
In April 2020, the FBI issued four notices detailing the increased level of cybercrime seeking to exploit the COVID-19 (coronavirus) pandemic. Cybercriminals are exploiting the pandemic in countless ways, from preying on human vulnerability to taking advantage of the increased use of online … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged ABA, Account Takeover, ACH Fraud, Business Email Compromise, coronavirus, COVID-19, Cybercrime, Cybersecurity, Dark Web, Data Breach, FBI, FSLC, Funds Transfer Fraud, Insurance Recovery, Malware, money mules, Multifactor Authentication, Robert Ludwig, Salvatore Scanio, Social Engineering, Social Media, SWIFT, UCC Article 4A, Uniform Commercial Code, Wire Transfer Fraud
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Technology and Salvage: Using Social Media in Recovery and Allocating Cybercrime Funds Transfers to Third Parties
Robert W. Ludwig and Salvatore Scanio presented their paper, Technology and Salvage: Using Social Media in Recovery and Allocating Cybercrime Funds Transfers to Third Parties, at the Fidelity and Surety Law 2020 Midwinter Conference of the American Bar Association, Tort … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged ABA, Account Takeover, ACH Fraud, Business Email Compromise, Cybercrime, Cybersecurity, Dark Web, Data Breach, FSLC, Funds Transfer Fraud, Insurance Recovery, Malware, Multifactor Authentication, Robert Ludwig, Salvatore Scanio, Social Engineering, Social Media, SWIFT, UCC Article 4A, Uniform Commercial Code, Wire Transfer Fraud
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Banking Regulators Issue Joint Statement on Heightened Cybersecurity Risk
On January 16, 2020, the FDIC and OCC issued a joint statement (FDIC FIL-3-2020 , OCC Bulletin 2020-5) to remind banks of sound cybersecurity risk management principles. The statement observes, “Cyber actors often use malware to exploit weaknesses in a [bank’s] … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Business Continuity Plans, Cyber Insurance, Cybercrime, Cybersecurity, Data Breach, Data Protection, Data Recovery, FDIC, Funds Transfer, Identity Management, IT, Malware, Multifactor Authentication, OCC, Risk Management, Salvatore Scanio, Social Engineering, UCC Article 4A
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American Law Institute/Uniform Law Commission Joint Study Committee Seeks Input on Need to Amend to the UCC for Emerging Technologies
The American Law Institute and the Uniform Law Commission recently formed a joint study committee to examine whether there is a need to further amend the current Revised Uniform Commercial Code (UCC) in light of emerging technologies, such as artificial … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged American Law Institute, Artificial Intelligence, Bank Deposits and Collections, Distributed-ledger Technology, Emerging Technologies, Funds Transfers, Ludwig & Robinson PLLC, Negotiable Instruments, Remote Deposit Capture, Salvatore Scanio, Smart Contracts, UCC, Uniform Commercial Code, Uniform Law Commission, Virtual Currency
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Federal Reserve’s Secure Payments Task Force Concludes After Issuing “Payment Lifecycles and Security Profiles” and “Information Sharing Data Sources”
The Secure Payments Task Force, a coalition of over 200 payment industry stakeholders convened by the Federal Reserve, recently concluded. For the last three years, the Task Force has worked to advise the Federal Reserve on payment security matters and … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged ACH Fraud, Card Not Present, Card Present, Card Present PIN, Check, Check Fraud, Contactless, Cybercrime, Data Breaches, EFT Fraud, Federal Reserve, Information Sharing Data Sources ACH, Malware, Mobile Payment, Online Banking, Payment Card Fraud, Payment Lifecycles and Security Profiles, Salvatore Scanio, Secure Payments Task Force, SWIFT Fraud, Wallet, Wire, Wire Transfer Fraud
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SWIFT Cybercrime: Who Bears the Loss for Fraudulent Transfers?
In recent years, criminals have launched cyberattacks on the international banking system through the worldwide bank messaging system known as SWIFT — the Society for Worldwide Interbank Financial Telecommunication. The most highly publicized heist involved $81 million in fraudulent transfers … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Arbitration, Banco Del Austro, Bank Customer Contract, Choice-of-forum, Correspondent Banking, Cybercrime, Deposit Account Agreement, Interbank Liability, Malware, Salvatore Scanio, SWIFT, SWIFT Fraud, UCC Article 4A, Uniform Commercial Code, Wells Fargo Bank, Wire Transfer Fraud
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The Foreign Sovereign Immunities Act: ‘Bedlam’ Redux
In a new article, The Foreign Sovereign Immunities Act: ‘Bedlam’ Redux (Law360 Sept. 22, 2017), Robert Ludwig addresses a legal riddle that has long confounded courts, commentators, and the international law bar, and how the firm solved it. From “Confusion” … Continue reading
Posted in APPELLATE & CONSTITUTIONAL, BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION, TRANSPORTATION
Tagged Constitutional Due Process, Federal Courts, Federal Jurisdiction, Foreign Sovereign Immunities Act, Foreign Sovereign Immunity, FSIA, Long-Arm Jurisdiction, Mass Oversights, Minimum Contacts, OBB Personenverkehr AG v. Sachs, Odhiambo v. Republic of Kenya, Personal Jurisdiction, Robert W. Ludwig, Saudi Arabia v. Nelson, Sovereign Immunity, Specific Jurisdiction, Substantial Contact, Textualism, U.S. Congress, U.S. Supreme Court
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Federal Reserve’s Secure Payments Task Force Seeks Feedback on Payment Use Cases
The Secure Payments Task Force, convened by the Federal Reserve to advance the safety, security, and resiliency of the national payment system, is asking for feedback on a set of payment use cases which together map out the lifecycle of a … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged ACH, ACH Fraud, Card Not Present, Card PIN, Card Signature, Check, Check Fraud, Cybercrime, Data Breaches, EFT Fraud, Federal Reserve Secure Payments Task Force, Malware, Mobile Payment, Online Banking, Payment Card Fraud, Salvatore Scanio, SWIFT Fraud, Wire, Wire Transfer Fraud
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Cybercrime: Maximizing Opportunities and Minimizing Threats for Financial Institutions
On April 6, 2017, Sal Scanio presented at a webinar, Cybercrime: Maximizing Opportunities and Minimizing Threats for Financial Institutions. Sal joined panelists Alejandro Mijares, Manager, Risk Advisory Services, Kaufman Rossin, P.A., and Roy Zur, CEO and Founder, Cybint, in discussing … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged Account Takeover, ACH Fraud, Attorney’s Fees, Bank Customer Contract, Card Network Rules, Cybercrime, Cybercrime Reporting, Data Breaches, Data Security Breach Litigation, Deposit Account Agreement, EFT Fraud, Electronic Funds Transfer (EFT), EMV Chip Card, Malware, Online Banking, Payment Card Fraud, Salvatore Scanio, SWIFT Fraud, UCC Article 4A, Wire Transfer Fraud
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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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