Who Pays the Piper? Navigating Liability in Wire and Digital Payment Fraud Case

Wednesday, July 24, 2024 | 2:00 pm – 3:15 pm

Format: Webinar

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Program Chair:

Cassandra Porsch
gunnercooke LLP

  • This program will provide an overview of the civil legal landscape addressing the rapidly proliferating scourge of wire and digital payment fraud. The program will address the current most common types of fraud including social engineering, business email compromise, and imposter fraud. The program will then address the common law and statutory schemes that govern the allocation of loss amongst counterparties when funds are lost to a malicious third-party actor. Specifically, panelists will cover the unsettled case law on liability between businesses, insureds/insurers, and banks/customers. Speakers will also discuss the applicable section of the Uniform Commercial Code and the Electronic Funds Transfer Act, and best risk management and insurance coverage practices to prevent become ng a victim or limit damages. This CLE should be of interest to both in-house and law firm practitioners interested in loss mitigation and recovery for their companies and clients.

    Program Fee:
    $99 Member | $199 Nonmember
    Small Law Firm Member: $59 Member

  • Corey Goldstein
    Debevoise & Plimpton LLP

    Aaron Loterstein
    Fishkin Lucks LLP

     

  • 2:00 pm – 2:05 pm
    Program Overview & Introductions

    2:05 pm – 2:15 pm
    Types of Digital Financial Fraud
    a. Different types of fraud mechanisms
    b. “Authorized” versus “unauthorized” dichotomy

    2:15 pm – 2:40 pm
    Case Law Pertaining to “Authorized” Payments
    a. Where there is a business counterparty
    b. Insurer liability
    c. Where there is no business counterparty – Bank liability
    d. Common law and UCC interplay/preemption

    2:40 pm – 2:55 pm
    “Unauthorized” Payments—Electronic Funds Transfer Act
    a. Overview
    b. Private litigation under EFTA
    c. AG lawsuit against Citi

    2:55-3:05pm
    Protective Measures / Risk Mitigation
    a. Best practices/internal controls to prevent falling victim to fraud
    b. Insurance coverage recommendations

    3:05 pm – 3:15 pm
    Program Wrap-Up/Question & Answer Session

  • New York: 1.5 Professional Practice
    New Jersey: 1.5 General
    California:1.5 General
    Pennsylvania: 1.5 General

  • Sponsoring Association Committee:
    Litigation, Seth D. Allen, Chair
    Insurance Law Committee, Sapna Maloor, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Yelena Balashchenko, Manager, Business Development & Sponsorships | (212) 382-6608 | ybalashchenko@nycbar.org

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