Claim Scenarios
Cryptocurrency
An
individual insured received a phone call from someone claiming to be a technical
support specialist from the cryptocurrency exchange he frequently uses. The caller
stated that the insured’s account had been frozen, and they required his
username and password to reactivate it. Unaware that it was a phishing scam, the
individual provided the information, and as a result, the criminal sold the
insured’s cryptocurrency, which totaled $30,000. Cyber Crime Coverage covered
the insured’s financial loss.
Wire
Transfer Fraud
The
insured is a lover of art and purchased a piece from an art vendor in London. They
agreed that payment for the art piece would be in installments wired to the
vendor’s account. The insured received a letter claiming to be from the art
vendor stating that the vendor’s system was compromised and to send payment to
a new ACH wire transfer account. The insured sent $13,000 to the new account.
However, a week later, the insured received a legitimate letter from the art
vendor stating that they had not received the latest installment payment. The
insured then realized that the first letter was fraudulent. Cyber Crime
Coverage covered the insured’s financial loss.
Wire
Transfer Fraud
An
unknown individual gained access to an insured’s personal bank account and sent
four separate wire transfers without the insured’s permission. The insured
received several spam emails and spoofed text messages claiming to be from his
bank account stating that the charges were being processed and asking for the
insured’s permission to allow the transfers to go through. The insured denied
permission. Later, the insured received a legitimate communication from her
bank claiming that she had logged into her account. The insured realized that
her account had been compromised. However, two wire transfers had already been
processed, which totaled $160,000. Cyber Crime Coverage covered the insured’s
financial loss, including the cost of hiring a tech consultant to aid with the
loss.