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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: EFT Fraud
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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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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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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