CINCINNATI—Fraud is a business threat in nearly every industry sector, and the finance industry is no exception.
With that in mind, Womble Bond Dickinson lawyers Merrick Benn and Marina Andrews recently gave a presentation titled “When the Game Changes: Financial Services Fraud Detection and Prevention—Staying a Step Ahead” to members of the equipment finance and lender finance teams at long-time client The Huntington National Bank. The interactive presentation, where many participants shared their own war stories, was standing room only in Huntington’s home office and simulcast throughout its footprint to members of the client’s banking, legal, credit and operations groups.
Benn and Andrews discussed the different types of fraud that finance professionals must contend with, including transactional fraud (perpetrated by the end-user), vendor fraud, institutional fraud, third-party fraud (such as those involving rogue collection and remarketing companies) and technology fraud. The veteran finance lawyers also shared best practices for detecting fraud and preventing fraud before the business is victimized.
The presentation took place Nov. 8 in Cincinnati.
Merrick Benn has wide-ranging experience in financial transactions with a practice concentrated primarily on representing lenders and lessors in all aspects of equipment finance with an emphasis on transportation assets including aircraft (corporate and commercial), rail equipment and locomotives and vessels (barges and tankers). He has nearly 20 years of experience representing some of the most active bank-affiliated and large, independent equipment financing companies in the US in developing standard lease and syndication documentation, including the implementation of titling trusts.
Marina Andrews is a versatile “planes, trains and automobiles” attorney who keeps the country – and the world – moving. Her practice focuses on financial transactions that encompass all types of equipment, including aircraft (corporate and commercial), rail equipment, vehicles (trucks and tractors/trailers), vessels, mining equipment, chemical manufacturing equipment, and solar energy installations, to name a few.
Benn and Andrews both practice in Womble Bond Dickinson’s Baltimore office.