Funds transfer fraud incidents are among the most common claims affecting Coalition policyholders. Through such tactics as phishing, business email compromise, and executive impersonation, cyber criminals can redirect an organization’s online money transfer to themselves instead of the intended recipient. Fortunately, Coalition is often able to help recover stolen funds.
Provide general legal services and title/real estate closing services
Handles significant volume of large wire transfers
I do not know what I would have done without Coalition. On behalf of the entire company, I really appreciate it.
We received a call that a client had lost $200,000 in a social engineering incident. A hacker sent a spoofed email to their controller, impersonating the company’s CFO, and the controller wired the funds to the bad actor. The company thought the funds were gone for good, but then they called Coalition.
Upon receiving the call, Coalition immediately began discussions with financial institutions and law enforcement. As a result of Coalition’s urgency and relationships, $150,000 of the $200,000 was recovered within 24 hours of receiving the call. The money was returned to the client, and they were able to quickly get back to business. Their insurance policy with Coalition covered the remainder of the lost funds. Coalition’s Security team also helped the company put two-factor authentication practices in place, to ensure a second person at the firm signed off on all significant wire transfers.
Unlike traditional insurance companies, Coalition has the relationships and know-how to recover funds even after they’re out the door. For many policyholders, we’re able to recover all of the funds lost — helping them avoid a claim entirely!
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