Posts in March 2016

Risk Bulletin: Social Engineering Wire Transfer Scams Affecting U.S. Companies

Blog | 0 comments | by maria farfan

COMPANIES WHO SEND MONEY BY WIRE TRANSFER MUST BE AWARE OF SCAMS

Businesses that wire-transfer money to vendor or corporate bank accounts or on behalf of clients and customers should be aware of scams impacting even the best-managed companies. These wire-transfer scams are intentionally misleading unsuspecting employees into sending money or diverting payments to fraudsters who are impersonating vendors, clients, customers and even senior executives or business owners.

To help businesses manage these risks, The Hanover created False Pretense Coverage — an insurance solution providing protection from a wide variety of social engineering scams.

Identifying Risks and Frauds

Commonly referred to as social engineering scams, these frauds trick employees with fake information received by email, text, instant message, telephone calls or other electronic communications. The information and request to transfer funds will appear to be legitimate, but will have actually been sent by imposters intending to steal the company’s money.

Here are some typical scams and strategies to avoid them:

Business Email Compromise

This popular scam begins with a fraudulent email sent from someone pretending to be the company’s vendor, customer, or client — or someone posing as an owner, senior executive, or employee.

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48 spring break insurance considerations and safety tips

Blog | 0 comments | by maria farfan

Spring break is a great time for families and students to relax and unwind from the stresses of school and home life. As millions of adults and kids embark on trips across the globe to celebrate the return of spring after a long, cold winter, keep these insurance considerations and safety tips in mind:

Follow safe driving practices.

During the weeks of spring break — with children out of school and families taking vacation – there’s a good chance that traffic will increase on roadways. Slow down— especially in bad weather, construction areas, heavy traffic and unfamiliar areas.

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Be aware that local law enforcement will likely be enhancing road safety enforcement efforts during spring break, looking for speeders, drunk drivers and seat-beat violators.

It’s also important to follow the following road safety tips:

1. Eliminate distractions while driving, including the usage of mobile devices.

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