New Scam Targeting Law Firm Bank Accounts

Lawyers Mutual has recently seen multiple reports involving a sophisticated fraud in which fraudsters pose as representatives from a law firm’s bank. The caller appears credible, they know the firm’s name, account details, and use urgent language to gain trust. 

Then they convince the lawyer or staff member to provide online banking credentials or one-time passcodes, assuring them the account is secure.

Within hours, the fraudster gains full access and wires out all funds from both trust and operating accounts.

Protect Your Firm

• Banks will NEVER ask for passwords or authentication codes.
• Hang up and call your bank using a known, verified phone number—never the number provided by the caller.
• Educate all staff, especially those with account access, about this tactic.
• Enable multi-factor authentication and review who has online banking privileges.
• Monitor accounts daily for unexpected activity.

If you believe your firm has been targeted or compromised, contact your bank immediately and notify Lawyers Mutual.

Stay vigilant—these scams are increasing, and even experienced lawyers and paralegals have been deceived.