An office employee wrote fraudulent checks to a fictitious company she owned. The theft of company funds occurred over a period of four years until it was discovered.
The Insurer paid the limits of Investigative Expense and Payment = $255,000
Total Loss to the Insured = In excess of $750,000
An office manager continuously over paid herself and a few overstated her overtime. The fraudulent payroll transactions occurred over a period of several years.
The Insurer paid the Defense and Payment = $238,000
Every day the faithful employee showed up to work with his lunch pale in hand. Every day the employee left work with a lunch pale weighing more than when he arrived. Of course this is what we can piece together after the irregularities in the books were discovered in the books. The employee walked out with cooper and brass hose end fittings over the course of nearly four years.
The insurer paid their limit = $5,000The Loss to the insured = $300,000
An insured received a request from one of its well know vendors with instructions that they changed bank accounts and to make payments into their new account. The insured required a written request on company stationery, which the vendor transmitted to them electronically. An investigation ensued after the vendor starting calling the insured asking them to please make good on their receivables balance. Only then was it discovered that the former request was fraudulent, resulting in loss of tens of thousands of dollars to the insured. Protect yourself with Computer Fraud Insurance.
The total loss was in the neighbor of $142,000
A banker lost a good client because the client shifted the blame to the bank for allowing a wire transfer to go through without the bank catching the fraudulent transaction. Banks do not take responsibility for security issued in the client’s end. Protect yourself with Funds Transfer Fraud Insurance.