Scamming, phishing, pharming, vishing — people in the business world are well aware that hackers and other fraudsters have developed a myriad of schemes designed to obtain sensitive personal information and money. Every year, these schemes cause businesses to suffer significant financial losses. The FBI estimates that in 2020 business email compromise (“BEC”) and email account compromise (“EAC”) schemes caused losses of $1.86 billion. To combat these schemes, companies spend thousands of dollars to secure their computer systems and train their employees to recognize and prevent fraudulent schemes from succeeding. But no matter the preventative steps taken by businesses, hackers and fraudsters manage to stay one step ahead with new, creative schemes.
A recent fraud that businesses have unfortunately experienced is EAC, where hackers gain access to and use legitimate business email accounts of vendors and service providers to direct customers to send money to unauthorized accounts. EAC affects businesses ranging from small to large and can occur in any industry, including financial institutions, real estate, contractors and law firms. In a typical EAC scenario, hackers gain access to a person’s actual email account and are able to monitor the incoming and outgoing correspondence in order to learn business practices, customer information and payment terms. At an appropriate time, the hackers use the email account to send payment instructions to a customer who legitimately owes money to the purported author’s company. The customer receiving the email has likely communicated with the company and its employees previously and, having no reason to suspect the hacking, follows the directions and sends payment (ranging from thousands to millions) to a fraudulent account. By the time everyone realizes what has happened, the hackers and the money are long gone.
Because EAC is a relatively new fraud phenomenon, very few courts have had the chance to consider and decide the issue of who amongst the affected parties will ultimately bear the loss. Published legal decisions suggest that courts are tending to place liability on the party who was, in a given factual scenario, better able to prevent the fraud.
As governing legal doctrines are established, however, businesses are left to figure out how best to protect themselves from EAC and the resulting losses. Thankfully, numerous means of protection from EAC schemes are available. Three of the easiest are: (1) documentation, (2) communication and (3) insurance.
Prior to doing business with each other, vendors and their customers should memorialize the terms of their relationship in written contracts. In addition to the typical terms one expects to see in contracts (e.g., scope of work, agreed upon price and timelines, etc.), authorized payment methods and allocation of risk should be included. By agreeing up front as to how and where payments are to be made, the parties can ensure that any potential future EAC communications regarding payment will be immediately flagged and investigated. Moreover, by delineating who bears the risk of loss, should computer systems be compromised and payments be diverted, the parties will understand the duties and obligations they owe to one another and will hopefully take the steps necessary to protect their systems.
When payments are owed and transfer of money between businesses is necessary, any emails received that contain directions for payments to be made to specific accounts or by certain methods should be verified prior to release of funds. The employee responsible for initiating the transfer of funds should not simply trust the email, even when it appears to have been sent from a legitimate and verified email account. Instead, they should personally reach out to the person who supposedly sent the email, either in person or via a telephone call, to confirm the directions are legitimate and the accounts actually belong to the company that is ultimately entitled to receive the payment. Only after successfully verifying authenticity of the payment instructions should the person initiate the fund transfer.
Businesses can and should obtain cyber-security insurance riders (which are not automatically part of standard business insurance policies) that provide coverage for losses caused by EAC and other information security breaches. Such policies provide an added layer of protection for companies when fraud is not timely discovered or prevented. All businesses should ask their insurance agents to confirm what cyber-security insurance options are available to them.
Although EAC and other information security fraud will unfortunately continue to plague the business world, companies can, by implementing these recommended practices, often prevent and/or protect against the significant consequences they might otherwise face.
About this Author
For more than 20 years, Heather has focused her practice on commercial litigation. She has represented individuals, as well as businesses in a broad spectrum of industries, including contractors and manufacturers, financial institutions, luxury good retailers, real estate developers, closely held corporations, partnerships and publicly traded companies. Her clients have ranged in size from small start-ups to large global conglomerates and everything in between.
She has extensive litigation experience in a wide variety of legal disputes, including trademark and copyright infringement…
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TOP 4 Essay Writing Services in the USA: 2023 Edition
As an increasing number of students seek assistance with their academic assignments, the demand for reliable essay writing services continues to grow. With so many options available, it can be challenging to identify the best service providers. To help you make an informed decision, we have compiled a list of the top 4 essay writing services in the USA for 2023. These services have been carefully evaluated based on their reputation, quality of work, customer satisfaction, and affordability. Read on to discover the top essay writing services that can provide you with the support you need to excel in your academic journey.
What Makes a Great Essay Writing Service
Before delving into the top essay writing services reddit, it’s essential to understand the criteria we used to evaluate them. A great essay-writing service should possess the following qualities:
- Quality of Work: The service should deliver well-researched, original, and high-quality essays that meet academic standards.
- Professional Writers: The service should have a team of qualified writers with expertise in various subjects who can handle diverse topics.
- Timely Delivery: The service should be reliable and capable of delivering essays within the given deadline.
- Customer Support: The service should provide excellent customer support, ensuring effective communication throughout the writing process.
- Affordability: The service should offer reasonable pricing plans that are affordable for students while maintaining the quality of work.
Now, let’s explore the top 4 essay writing services in the USA for 2023.
TOP 4 Essay Writing Services in the USA: 2023 Edition
EssayPro is a highly reputable essay writing service known for its commitment to quality and customer satisfaction. They have a diverse team of experienced writers who can handle a wide range of subjects. EssayPro offers a user-friendly platform, allowing students to place orders easily and track the progress of their essays. Their pricing is competitive, and they offer additional features such as plagiarism reports and unlimited revisions.
Grademiners is a popular choice among students due to its excellent track record and reliability. They have a team of highly skilled writers who are proficient in various academic disciplines. Grademiners ensures on-time delivery and provides 24/7 customer support to address any concerns. They also offer free revisions and a money-back guarantee, ensuring customer satisfaction.
Ultius is known for its exceptional writing services and commitment to customer privacy and security. They have a rigorous writer selection process, ensuring that only qualified professionals handle the essays. Ultius offers a wide range of writing services, including essay writing, editing, and proofreading. They also provide a mobile app for convenient communication and order tracking.
EduBirdie is a trusted essay writing service that offers a unique feature called “choose your own writer.” Students can browse through profiles and select a writer who matches their requirements. This personalized approach allows for effective collaboration and ensures that the final essay meets the student’s expectations. EduBirdie also provides 24/7 customer support and guarantees 100% original and plagiarism-free content.
How We Evaluated the Services
To evaluate the essay writing services, we considered several factors, including:
- Reputation and reliability
- Quality of work and adherence to academic standards
- Customer reviews and satisfaction
- Pricing and affordability
- Additional features and guarantees
- Customer support and communication
By carefully analyzing these aspects, we identified the top 4 essay writing services that offer outstanding support to students.
Choosing a reliable essay writing service is crucial for students seeking academic assistance. The top 4 essay writing services mentioned in this article – EssayPro, Grademiners, Ultius, and EduBirdie – have proven their worth in terms of quality, reliability, and customer satisfaction. Whether you need help with an essay, research paper, or any other academic assignment, these services can provide you with the support you need to succeed in your studies.