Richard Reiter (Partner-New York) collaborated with David Anderson, Vice President, Northeast Cyber Technology Practice of Lockton Companies, the world's largest independent insurance brokerage, to identify concepts for clients to incorporate in their contracts to safeguard their businesses from fraudulent invoice-altering schemes. In "Invoice Altering Fraud Disclosures Recommendations" the authors recommend setting forth specific contract language concerning verification of changes to payment details; including invoice samples and payment details as part of a contract addendum; and requiring the counterparty to carry specific types of crime/fidelity coverage and minimum limits.
Originally published April 2020
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