Reprinted from the fall 2021 issue of the VBA Journal with permission of The Virginia Bar Association and authors Mary C. Zinsner and Susan Flint.
Most lawyers get a glazed look when recalling law school study of commercial transactions and the Uniform Commercial Code (UCC). The surge in cases involving wire fraud is causing lawyers to dust off their UCC volumes and revisit the elements of common law tort and contract claims. But the best way to avoid wire fraud losses is by taking simple precautions. Businesses of all sizes must educate employees of the red flags in typical wire fraud cases.