What is Social Engineering Fraud?
Social engineering fraud happens when an employee is tricked into sending money to another via email, fax, phone, or even bank account. These tricks usually happen when a criminal is impersonating a client, vendor, supplier, or fellow employee. Unfortunately, even the best employee can fall for these traps and lose your business thousands to even millions of dollars, depending on the scam.
Most Social Engineering Fraud Policies Will Cover:
- Vendor or supplier impersonation
- Executive impersonation
- Client impersonation
- Broad all-risk language wherein loss does not have to occur through use of computer, email, or phone
Don’t Wait Until You’ve Been Duped
Social engineering fraud happens more often that you would think. Approximately 100,000 people are affected by social engineering attacks each day. Criminals are good at impersonating real people and coming up with legitimate-sounding reasons to get your money. And it can happen to your business more than once too. Keep your business protected by talking with one of our agents to get you set up with the best social engineering fraud policy.
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