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.

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Contact Berkley Crime

National Practice Leader and East Regional Manager
Sean Missal (860) 466-7377
[email protected]

Patricia Logan (212) 497-3708
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Matt McNamara (212) 497-3707
[email protected]

 

Mid-West Regional Manager
Michael Beranek (501) 707-6548
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Amanda VanCauwenberge
(312) 730-1101
[email protected]

Kyna Love (312) 705-1132
[email protected]

 

West Regional Manager
Jennifer Maggi (925) 472-8217
[email protected]

Steve Nguyen (925) 472-8233
[email protected]

 

P: 844.44.CRIME
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