D&O, Cyber, Bond, and P&C
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Wire fraud losses continue to grow at astounding rates. It’s imperative that your staff understand the importance of your bank’s written agreements and following instructions and procedures in place. Taking shortcuts may cause claims.
Wire Fraud involving bank customers is exploding! Insurance carriers expect banks to exercise a minimum level of due care to prevent any crime, including wire fraud crime. Front line personnel are in the best position to both spot and prevent wire fraud; therefore, it is critical that banks undertake these best practices.
What do banks need to understand before establishing MRB relationships, including insurance considerations?
Our SafeTalk infographic lays out Wire Transfer Fraud statistics and information such as: What's the Anatomy of Wire Fraud? Where's it being reported? What's the cost? What's a bank's best defense?
By now, you’ve mostly likely heard the news: ransomware is here and it’s a problem. The impact can be devastating. Imagine not being able to access your email, customer information or vital records for days or even weeks. Victims not only face monetary losses associated with the ransom and loss of business during the downtime, but also the additional forensics costs, the loss of employee productivity and, most importantly, customer trust.
In a relatively high profile court case, an appellate court ruled in favor of the defendant/bank rather than the plaintiff (the bank’s customer) in a dispute over an account takeover claim and reversed a lower court opinion, ruling that the bank may seek attorney’s fees from the plaintiff. In many respects, the decision handed down will be a significant influence on future court cases and also on security/verification procedures a bank mandates or places on accounts regarding account transfer requests.
The Equifax data breach affected 143 million people whose personal information and sensitive data were potentially exposed and was reported as the “largest ever recorded” compromise of social security numbers to date in 2017.