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Wire transfer fraud insurance changes!

Answered by: 

Question: 
Have there been any recent changes to wire transfer fraud insurance that we should be aware of?
Answer: 

There was a LOT of movement in this space in 2018, in multiple jurisdictions, particularly with respect to business email compromise (BEC) that could affect both a bank AND their business customer. It’s a good idea to review insurance policies more frequently than just during renewal periods. Make sure the bank understands any additional security requirements that could affect coverage.
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Wire Transfer Fraud Prevention Programs

First published on 05/12/2019

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