Financial Lending Company Receives Swift Indemnity Payment Following Financial Fraud Incident
The At-Bay Claims team’s attentiveness and fast response resulted in a timely and straightforward payout to the insured.
The Target
Industry: Financial Institution
Revenue: $5M – $10M
Size: 2 – 10 employees
Location: Texas
Attack Type: Social Engineering – Email Compromise
The Attack
After exchanging emails with a legitimate email address belonging to a trusted vendor, a financial lending company received new ACH instructions for a purchase order and executed payment of nearly $100K. Two days later, the insured and vendor discovered that the funds had been directed to a fraudulent account due to the vendor’s email account being compromised.
Example of an At-Bay Claim Response Timeline
Team Contact & Assembly
- The claim was reported to At-Bay after the insured confirmed that they were unable to recoup payment from the compromised email vendor.
- Within 24 hours, the At-Bay adjuster got on the phone with the insured to get a full picture of the incident and request the proper documentation from the insured.
- Because the insured suffered from a first-party Social Engineering event, coverage was triggered under the Financial Fraud Insuring Agreement.
Guidance & Resolution
- Over the following two weeks, the insured gathered documentation and shared it with At-Bay.
- After the insured provided the required documentation, At-Bay moved forward with the compliance process to issue payment to the insured.
The Result
Swift Payment Resolution
Less than 30 days after the claim was reported, At-Bay paid the insured in full for the loss (minus retention).
Broker Testimonial
“This is the best claims handling I’ve ever seen on a financial fraud claim.”
At-Bay: Confidence to Thrive in the Digital World
At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance and security expertise, At-Bay was designed from the ground up to empower businesses to thrive in the digital world. Our InsurSec approach provides end-to-end protection for modern businesses. It’s a force multiplier that includes security, threat intelligence, and human experts to close the SMB cybersecurity gap.