CFC Underwriting has called on businesses to consider cyber insurance as a way to protect themselves against financial loss as the number of fraudulent wire transfer cases increase.
This type of scam is known as social engineering fraud, a term that refers to the tricks used by criminals to cheat their victims into giving out confidential details.
According to CFC’s Phishing for funds report social engineering scams take many forms, with the most common being funds transfer or wire transfer
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