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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: Deposit Account Agreement
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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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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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