Stay Clear of Fraudulent Impersonation.
The GIGA Solutions Commercial Insurance team has noticed an increase in acts of social engineering and impersonation, such as phishing, that are hitting PEOs hard. The scam starts as a simple email, fax, text or other form of communication from a trusted source and ends with a request for account, login or financial information.
Unsuspecting employees fall victim to this type of fraud every day, thinking that they are communicating with a legitimate vendor, client, employee or authorized person.
Unfortunately, your company’s crime insurance policy does not completely assist in damages lost from these kinds of attacks. In fact, worldwide losses from impersonation came to at least $1.2 billion in 2017.
While you can take a number of in-house measures to protect your business, the team at GIGA Solutions recommends adding on Social Engineering Fraud coverage to your crime policy. GIGA can provide your business with the extra security that you need, covering both vendor or supplier impersonations and executive and client impersonations.
Interested in learning more? Connect with the underwriting and claims experts at GIGA Solutions to learn how to best protect your company from these potential scams.