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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