Fraudulent Instruction

Don’t Initiate that Wire Payment Before Reading This. Funds Transfer Fraud Jumps in Frequency and Severity, Coalition Reports

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We told you about Coalition’s findings on business email compromise (BEC), as reported in the managing general agent’s 2024 Cyber Claims Report. But we were also struck by the data on Fund Transfer Fraud or FTF. Both the frequency and severity of FTF claims increased from 2023 to 2024. Claims were up 15% YOY and … Read more

“Fraudulent Instruction” Attack Swipes $690,000 from Senate Campaign 

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We’ve reported on the rise of “fraudulent instruction” scams and concerns they raise for the cyber insurance industry. This one targeted the campaign of Senator Jerry Moran (R, Kansas). “Cybercriminals targeted the accounting firm employed by Moran For Kansas and money was wired to fraudulent bank accounts,” Moran for Kansas spokesperson Tom Brandt told NBC … Read more

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