Fraud
Watch for unauthorized wire transfers from your trust account
LAWPRO is warning all our insureds to be extra alert to frauds involving unauthorized wire transfers from trust accounts. In the last few weeks we have seen multiple LAWPRO insureds experience multiple back-to-back unauthorized wire transfers from their trust and general accounts. All of these accounts were at the same bank. These frauds are concerning… Read More »
Categories: Articles, Cyber dangers, FraudWhen a Law Firm Gets Hacked: A Case Study in Cybersecurity Risks and Recovery
As cyberattacks become increasingly sophisticated and prevalent, law firms are emerging as targets due to the highly sensitive nature of their data and pools of money. Law firms can hold a wealth of confidential data, including client identities, case details, and proprietary legal strategies, making them prime candidates for cybercriminals seeking to exploit this valuable… Read More »
Categories: Cyber dangers, Disaster Planning, Fraud, Online OnlyVerify the withdrawals from your accounts
LAWPRO has received claims from lawyers who fell victim to fraudsters diverting and depositing cheques meant for their clients. In two cases to date, lawyers issued cheques to their clients as part of their professional services. However, in both cases, an identical amount was withdrawn from the lawyer’s trust account but payable to a third… Read More »
Categories: Fraud, Online OnlyThe confidence client: Survival tips to prevent fraud
In the nineteenth century, American journalists and law enforcement coined the term “confidence artist” to describe a form of fraud that preys on the trust and credulity of its target. The form these frauds took was always changing but relied on the good faith of the target and either a promise of profit or a… Read More »
Categories: 2024 March - The Confidence Client, Articles, Cyber dangers, FraudOne click and you are out $1 million
Could it happen to you? If you have a trust account, then you’re at risk. We are seeing a sharp increase in social engineering fraud against law firms and their clients, where the goal is to divert funds to fraudsters’ accounts. When money gets diverted, the lawyer and/or the client is out of funds. For… Read More »
Categories: 2024 March - The Confidence Client, Articles, Cyber dangers, FraudProtecting your firm against fraud (2023)
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Fraud targeting lawyers continues to be a serious concern for the profession. This program will provide up-to-date information on actual fraud attempts, the types of fraud claims LAWPRO counsel are seeing right now, and how best to avoid these scams. As well, legal and law enforcement experts will provide tips and advice for protecting your… Read More »
Categories: CPD, Cyber dangers, FraudWire Fraud Scams on the Rise: 5 Tips to Reduce Your Risk
LAWPRO is seeing an increase in phishing attacks against lawyers trying to trick them into wiring funds out of their trust accounts to the fraudster. There are different ways that fraudsters are trying to direct lawyers and law firms to wire money to them. Fraudsters have pretended to be: A lawyer in the firm, to… Read More »
Categories: Articles, Cyber dangers, Fraud, New Lawyer IssueSurvival Tips to Prevent Fraud (2022)
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Drawing on actual frauds and close calls, this program will review the most recent fraud efforts targeting lawyers, law firms and their clients, and provide practical tips to help you manage these risks.
Categories: CPD, Cyber dangers, FraudYou transferred funds to the wrong account – what now?
Fraudsters try to trick lawyers into wiring funds to an account that the fraudster controls. Sometimes, they succeed, and the funds get into the hands of criminals. What do you do then? Below are some examples that have been reported to us: 1. A lawyer’s office received a last-minute redirection of monies payable on the… Read More »
Categories: 2022 June - After Covid 19, Articles, Could This Happen to You?, Cyber dangers, Disaster Planning, Fraud, Legal TechnologyWatch for real estate frauds involving private mortgages
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In a hot real estate market fraudsters are even more motivated than usual – there is a lot of money to be had and lawyers are common targets. LAWPRO is seeing a significant increase in the number of real estate frauds involving private mortgages. The frauds we are seeing are incredibly sophisticated. In some cases,… Read More »
Categories: Fraud, Online Only, Real Estate