In the Law360 article “Invoice Intercepted: A New Form of Wire Fraud,” Partner Jeffrey Rosenfeld discusses different avenues to avoid becoming a victim of a new type of wire – intercepted or false invoices. Mr. Rosenfeld advises companies to “use secure passwords for your email accounts, review invoices to ensure they are bona fide, triple-check that large wire transfers are being made to the intended recipient, request confirmation from the payee that it received the wire payment, and use payment systems that have recourse in the event of fraud, like personal checks and credit cards.”
If a company has already been victimized, they should file a John Doe lawsuit against the perpetrator and serve a subpoena to the depository or transferee bank in order to help identify the perpetrator. In most cases, the bank will not be held liable for vetting, or the lack thereof, its customers; however, if the transaction is “suspiciously obvious,” such as falsifying checks, then the bank could be found guilty of negligence.
Though options are limited following a wire fraud attack, it is imperative you act immediately to ensure the greatest chance of recovering lost funds.