In an attempt to minimize coverage for wire fraud attacks, many insurers offer separate social engineering or impersonation fraud coverage and take the position that losses are capped by the often significantly lower limits of liability for these coverages. (Credit: Vladislav/Adobe Stock)
Companies increasingly face the rampant threat of wire fraud. Wire fraud typically occurs where cyber criminals pose as legitimate persons of authority, such as a high-ranking company executive, a vendor, or a customer, and trick the business into wiring money to the fraudster's bank accounts. Businesses targeted by such attacks often turn to their insurance companies to recover their resulting losses.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
