09Feb

Corporate Deception Fraud Takes $55 Mil. Flight

Business Email Compromise (BEC) Results in One of the Biggest Corporate Deception Losses Ever!

One of the largest corporate deception fraud losses ever reported recently surfaced when an Austrian air parts supplier stated that it had lost $55 million in “liquid funds”. Although the details have not yet been revealed, it appears that the company’s financial accounting department was likely the victim of a “whaling” attack.

In these scams, cyber criminals hijack a CEO’s email account and send fake orders to transfer company funds to a supplier. Of course, the funds end-up in the criminals’ hands.

According to the report in the Terms And Conditions blog of the Insurance Information Institute, the FBI says that BEC has resulted in losses to U.S. companies alone of over $740 million since 2013.

Berkley Crime Can Help You Insure Your Clients Against Corporate Deception Fraud Losses

Make sure your clients have the right coverage and enough coverage for crime losses like BEC!

Contact any one of the Berkley Crime team members below and we’ll help you find the right solution.

——————————————————————-

 

Contact Berkley Crime

National Practice Leader and East Regional Manager
Sean Missal (860) 466-7377
smissal@berkleycrime.com

Patricia Logan (212) 497-3708
plogan@berkleycrime.com

Matt McNamara (212) 497-3707
mmcnamara@berkleycrime.com

 

Mid-West Regional Manager
Michael Beranek (501) 707-6548
mberanek@berkleycrime.com

Amanda VanCauwenberge
(312) 730-1101
avancauwenberge@berkleycrime.com

Kyna Love (312) 705-1132
klove@berkleycrime.com

 

West Regional Manager
Jennifer Maggi (925) 472-8217
jmaggi@berkleycrime.com

Steve Nguyen (925) 472-8233
snguyen@berkleycrime.com

 

P: 844.44.CRIME
info@berkleycrime.com
www.berkleycrime.com

Experts focused on your protection.
We deliver.

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. Certain coverages may be provided through surplus lines insurance company subsidiaries of W. R. Berkley Corporation through licensed surplus lines brokers. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.

For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, please visit: http://wrbc.info/Licensing/License.htm