Covering New Fraud Risks With Traditional Policies: Part 1

By Mary Borja, Edward Brown and Bonnie Wise (May 25, 2017, 11:28 AM EDT) -- A typical social engineering or fraudulent wire instruction scam is painfully simple — and often successful. In one common scenario, a fraudster researches a company, mimics an employee's (often a high-ranking officer) email address and sends a wire transfer request to the accounting department, often indicating that the request is time-sensitive and top secret. The target, feeling pressure from this faux-CEO, wires the money to the fraudster's account. By the time the scam is discovered, the money and fraudster are long gone.[1]...

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