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Demand for social engineering fraud coverage on the rise

February 16, 2021

A rise in crime committed via social engineering is prompting a growing number of businesses to add coverage for related exposures through their commercial crime insurance policies, experts say.

The COVID-19 pandemic has led to an increase in cyber-related crime as fraudsters use social engineering techniques to exploit systems and procedures made more vulnerable by remote working, they say.

While figures for 2020 are not yet available, some 23,775 business email compromise complaints resulted in $1.7 billion in losses in 2019, according to the FBI’s Internet Crime Complaint Center.

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