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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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Tag Archives: Attorney’s Fees
D.C. Law Firm Victim of Email Wire Fraud Fails to Sufficiently Plead Bank Aiding and Abetting
A recent email funds transfer fraud case illustrates a novel claim against a bank dismissed at the pleading stage. Beins, Axelrod, PC v. Analytics, LLC, 2020 U.S. Dist. LEXIS 71713 (D.D.C. Apr. 23, 2020). After a D.C. law firm, seeking its … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Aiding and Abetting Liability, Attorney’s Fees, Bank Liability, Business Email Compromise, Computer Fraud and Abuse Act, Cybercrime, Cybersecurity, Email Fraud, Funds Transfer Fraud, Robert Ludwig, Salvatore Scanio, UCC Article 4A, Uniform Commercial Code, Wire Transfer Fraud
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Receiving Bank in Ohio Funds Transfer Case Allowed Questionable Damages Offset
In a new decision in an ongoing account takeover case involving fraudulent ACH transactions, the district court, after denying cross-motions for summary judgment, ruled that should the bank lose at trial, it could set off any damages with defense costs. … Continue reading
Posted in CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Account Takeover, ACH Fraud, Attorney’s Fees, Cybercrime, Cybersecurity, Funds Transfer Fraud, Insurance Recovery, Malware, Multifactor Authentication, Salvatore Scanio, Setoff Defense, UCC Article 4A, Uniform Commercial Code, 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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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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