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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: Correspondent Banking
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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