Social Engineering occurs when someone at your business is misled into sending money or arranging a payment based on fraudulent information which can come from the following sources:
- Phone Call
Why is this not covered by your Crime Coverage?
- Crime coverage is designed to protect your business from theft of money, securities, property, etc. by either employees or third-party thieves. These claims involve property that was unknowingly stolen from you without authorization.
- Social Engineering claims are not covered because you, or your employee, and therefore your company, have parted with the funds voluntarily by sending the payment or funds as instructed by the Fraudster!
If you’re willing to commit a few minutes of your time we would be more than happy to discuss this risk in greater detail, review some claims examples, and help you determine your exposure for this type of loss.