-A company’s payroll supervisor logged on to the payroll account and noticed three payments totaling $704,632 had been wired from their account. The supervisor immediately reported the transactions as unauthorized. The bank shut down the account and was able to recover all but $238,781. The FBI and Homeland Security investigated and determined that someone had gained access to the vice president of finance’s username and password via computer programs that had been surreptitiously downloaded onto the vice president’s computer.

-A company’s bank allegedly sent it a letter advising of a new security program. The company then received an email that appeared to be from their bank. The company’s employee opened the email, which allowed a Trojan horse computer virus to get in. It was able to read key strokes from the insured’s computer, thereby enabling the perpetrator to obtain banking and password information and initiate a fraudulent electronic wire transfer from the insured’s account. This ended up causing a loss to the company of $683,000.

Computer Fraud

-A company’s website was hacked into by an employee of one of its customers who changed her employer’s bank routing code on the web site to her own. When the company paid her empoyer for services rendered, the money went directly into her account instead.

-After he’s fired, a former employee used his supervisor’s password to enter the insured’s unlocked building and used the supervisor’s computer. He initiated transactions using his bank routing code to receive fake reimbursements purportedly made to the company’s customers.

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 Get the Protection you need, today and tomorrow

Choose Travelers for your electronic funds transfer fraud and computer fraud coverages and you’ll have access to risk mitigation articles, security guidelines and discounted McAfee software security. To learn more about this comprehensive program, talk with your independent insurance agent or visit Travelersbond.com

Posted in: Funds Transfer Fraud and Computer Fraud, Maryland Insurance, rhh insurance