Lawyers should beware of a sophisticated new hacking scam the FBI refers to as "Business E-mail Compromise.” Lawyers in multiple states have recently reported being victimized by this scam. The hoax targets lawyers who process client funds from their attorney trust accounts. Transactions involving real estate closings or legal settlements are vulnerable to this ploy.
A whitepaper created by the lawyers who work for CNA to provide risk management and loss prevention services to attorneys insured by the ISBA’s endorsed professional liability insurance provider, Lockton Affinity, L.L.C., outlines the details of the scam, ethical and legal concerns for lawyers and risk management tips.
To read the entire paper, click here. For more information, contact Mike Schrandt, senior account manager at Lockton Affinity, L.L.C., by phone at 800-679-7154 or via email at MSchrandt@locktonaffinity.com.