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. | Hospitals | Long 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.