Tag: Wire Transfer

The Sixth Circuit Finds Coverage For Fraudulent Wire Transfer Under Crime Policy

9/12/18

By: Allen Sattler Business email compromise (“BEC”) claims consist of incidents where cyber criminals access or use a company’s email system to commit a crime, usually for financial gain and often including the use of trickery to convince an employee to wire transfer corporate funds to the criminal’s account.  According to statistics reported by the…

Wire Fraud. Who Bears the Risk?

11/2/17

By: Allison S. Hyatt Wire fraud is on the rise in recent years. Finding out that escrow funds were mistakenly wired into the wrong hands is every broker, banker, consumer or escrow agent’s worst nightmare. Article 4A of the Uniform Commercial Code governs wire transfers and the unique issues raised by this method of payment…