According to Lockton, commercial insurance clients who experience a cybercrime should be prepared to provide their insurance carrier with copies of communications evidencing the fraudulent instructions; Communications and other documentation establishing that the funds were not received by the proper party; Communications to and from the transferring and receiving banks, including confirmation by the banks that the funds cannot be recovered; Law enforcement reports and other documentation of the incident. (Photo: Rich H Legg/Free Use Image/ALM archives)
Business email fraud is among the fastest-growing and most potentially damaging of cybercrimes, according to the FBI. That agency note that in 2021, its Internet Crime Complaint Center received reports of business email crime scams with losses exceeding $2.4 billion.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
