Standard News

Hide Advertisement
  • Business
  • Culture
  • News
  • Technology
  • Trending
Site logo
ADVERTISEMENT
ADVERTISEMENT

Grandpoint Bank offers cyber insurance against wire-transfer fraud

June 21, 2016 | By Reuters
Illustration file picture shows a man typing on a computer keyboard in Warsaw

(Reuters) – Grandpoint Bank on Tuesday introduced cyber insurance policies to reimburse business customers for fast-growing wire-transfer fraud schemes.

Los Angeles-based Grandpoint, a commercial bank with operations in Southern California, Arizona and Southern Washington, said it is the first bank to market such policies.

Advertisement

The approach is similar to mobile phone carriers offering customers insurance for lost or stolen phones, which is also available directly through insurers.

Grandpoint said the coverage includes losses from wire-transfer scams including business email compromise. In business email compromise schemes, fraudsters pose as executives or vendors from a business, sending requests for money transfers to accounts controlled by criminals.

The U.S. Federal Bureau of Investigation last week warned that business email compromise scams have grown dramatically over the past year. FBI data shows that criminals have sought to use such scams to steal more than $3 billion since June 2013. [L1N19613A]

Grandpoint said the policy, which is underwritten by Hiscox Inc, a unit of Hiscox Ltd, costs $30 to $70 per month for up to $1 million in coverage.

(Reporting by Jim Finkle; Editing by David Gregorio)

tagreuters.com2016binary_LYNXNPEC5K1XF-VIEWIMAGE

← Previous Post Next Post →
Advertisement - Continue reading below
Share  On Facebook

1

Swollen rivers recede after deadly Louisiana floods

Transgender patients face fear and stigma in the doctor’s office

For Derby hopefuls, owning horse like owning team

Eighteen protesters arrested in Cleveland after scuffle with police

Nurse in U.S. protest photo says she felt she had to face police

Red Cross Responds to Deadly Severe Weather Across Six States

Capital Gold Group Report: Eurozone Safe After French Election

Colorado city to pay restitution to poor jailed in ‘debtor prison’

Sandusky lawyer seeks to prove leak tainted in Penn State molestation case

load more Loading posts...

sidebar

ADVERTISEMENT
ADVERTISEMENT

sidebar-alt

  • About Us
  • Imprint
  • Contact Us
  • Terms of Service
  • Privacy Policy