Recently, three of our customers have been victim to fraudulent wire transfer scams, some of which amounted to hundreds of thousands of dollars in losses greater than the amount covered by our policy.
In one of the events, the CEO's email was hacked and used to give approval for a six-figure wire transfer of funds. In another event, several large donations were made to phony non-profits, appearing to be part of a legitimate, national, well-known organization, when in actuality the money went to scammers.
There are a few key takeaways from these events: