Fraud insurance is an important part of the coverage umbrella most companies need, but not all fraud coverage is the same. General fraud policies and general liability policies that cover fraud and other forms of crime frequently come with exclusions, some of which might be difficult to parse in advance of an issue that puts them into play. If you aren’t sure whether wire fraud is covered, or if you are potentially exposed to more risk via wire fraud than your basic policy limits will be able to handle, additional wire fraud protection might be just the thing your business needs.

How Wire Fraud Happens

Most of the time, wire fraud requires the participation of the victim, which is why it can be hard to see coming. Perpetrators pose as trusted suppliers or trustworthy potential contractors with believable stories about why they need money wired into an unfamiliar account. Since business accounts do occasionally change for good reason and many professionals have seen it happen, this often goes unnoticed as an exceptional request until it’s too late and the money has been wired to the con artist. The fraudster then disappears, leaving the victimized business in the lurch with regard to the money they had intended to pay out to cover much-needed goods and services. You can learn more about this kind of fraud at https://www.fgib.com/.