Deception Fraud

Hartford’s Insurance Coverage for Deception Fraud

Deception Fraud -the 101 on the latest Business Crime

Endorsement Available through Hartford…

Deception Fraud is more common than you think – everyday unsuspecting employees are misled into providing confidential information, W-2 data or sending money to imposters posing as a CEO, legitimate client or vendor, each demanding urgent funds or financial information.  Employees are deceived, either through e-mail, phone, mail, messaging or text, and other such “phishing” mechanisms into divulging information that can have devastating consequences on a business.

It happens to companies of all sizes. Recent data indicates that attacks on businesses have risen 91% over the last few years and with over 100,000 deception fraud attacks each day, coverage is needed now more than ever.

How can your Insured defend their business?

  • Validating requests for information
  • Maintaining a formal wire transfer process
  • Being wary of unsolicited e-mails
  • Limiting access to sensitive information
  • Encouraging use of instincts and proceeding with caution
  • Training employees and stay informed!

Bottom line: If the message conveys a sense of urgency, uses intimidation, and refuses to provide valid contact information, proceed cautiously!

We have a few Carriers who can protect your Insured, however today’s highlight focuses most notably on Hartford.  Deception Fraud coverage is available by endorsement through their Management Liability Policies:  D&O, EPL, Fiduciary Liability, Kidnap and Ransom, and Crime.

Their appetite includes:

| Outpatient healthcare organizations: Offices of MDs, Dentists, Osteopaths, Chiropractors, Podiatrists, etc.  | HospitalsLong Term Care Facilities: Skilled Nursing Care, Intermediate Care, and Nursing & Personal Care Facilities | Non-Medical : Technology Companies, Contractors, & more.

Keep your Client apprised of potential security flaws or lack of coverage to help them mitigate damage and run their practice successfully.

Interested or don’t know where to start? Contact your HPSI Producer today to secure your client’s business! Visit us at www.hpsi-ins.com, or call us today at 678-935-5040. Follow us on LinkedIn for more news & updates!
HPSI will be closed Monday, May 29th in observance of Memorial Day.