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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: Insurance Coverage
Conflicting Results in Recent Funds Transfer Coverage Cases in Virginia
Three recent insurance coverage cases arising from fraudulent email/funds transfer schemes in the Eastern District of Virginia arrived at different results. In Midlothian Enter., Inc. v. Owners Ins. Co., 2020 U.S. Dist. LEXIS 30237 (E.D. Va. Feb. 5, 2020), hackers … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Account Takeover, ACH Fraud, BEC, Business Email Compromise, Computer Fraud, Cyber Insurance, Cybercrime, Cybersecurity, Funds Transfer Fraud, Insurance Coverage, Malware, UCC Article 4A, Wire Transfer Fraud
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Recent 11th Circuit Opinion in Financial Institution Bond Coverage Case Illustrates Definition of “Counterfeit”
As reported in our July 2014 post, “More Federal Decisions Highlight Need to Invoke Original Document Defense in Financial Institution Bond Cases,” several recent federal decisions have served as reminders of the importance of the original document requirement defense under … Continue reading
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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