Simple and Effective Spoofing Fraud Strikes Again!
Over the past few months, we have cited several instances of firms victimized by fraudsters who spoof executive email addresses and wrangle company employees to transfer large sums of money to fraudulent accounts. It has happened again, this time to Ubiquiti Networks, Inc., according to an article on krebsonsecurity.com. The crooks stole $46 mil. in total and the firm is in the tedious process of recovering any funds they can still access.
Business Email Compromise (BEC):
A Fraud Scheme all Your Clients Need to Know About
As the article points out, BEC might seem somewhat unsophisticated compared to malware and viruses but it is surprisingly effective. Knowledgeable companies are instituting new procedures for transfers and financial reporting and verification. Share this article with your clients and start the conversation about how they might reduce their risk of loss.
Help Protect Your Clients From Losses
The right fraud coverage could be a corporate lifesaver
Make sure you are recommending the right coverage for your client’s needs. We are experts in crime-related insurance and can help you create the right insurance solution to help cover losses from events such as business email compromise and other fraud schemes. Contact any of us listed below, we are ready to help!
For more information on Berkley Crime and our products, click here. Then contact any of us listed below to help you protect your clients from fraud losses.
Contact Berkley Crime:
National Practice Leader and East Regional Manager
Sean Missal (860) 466-7377
Patricia Logan (212) 497-3708
Matt McNamara (212) 497-3707
Mid-West Regional Manager
Michael Beranek (501) 707-6548
Kyna Love (312) 705-1132
West Regional Manager
Jennifer Maggi (925) 472-8217
Steve Nguyen (925) 472-8233
Experts focused on your protection.
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For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, please visit: https://wrbc.info/Licensing/License.htm