Vendor Impersonation or payment redirection fraud

Vendor impersonation or payment redirection fraud is one of the fastest growing fraud losses we’re seeing right now, and businesses are often caught off guard. 

 

Here’s how these scams typically happen: 

 

• A criminal impersonates a legitimate vendor, accountant, or supplier 

• The request updated wiring or ACH details via email, invoice, or phone 

• Payments are redirected before the fraud is discovered 

 

Red flags you should watch for include: 

• Urgent request to change payment information 

• Emails that closely resemble real vendor addresses 

• Pressure to bypass normal approval or verification steps 

Having Cyber Crime, (also known as Social Engineering), coverage helps protect businesses against fraud transfers, offering financial protection when trust is exploited, and internal controls fail.   

To enhance your security with Cyber Insurance, give Welsh Insurance Agency, Inc a call at: 

Loveland office 970-663-5404 

Fort Collins office 970-206-1810 

Website:   www.wiainsurance.com 

Offering coverage for entire states of Colorado and Wyoming.