Social engineering fraud refers to the scam that is intended to deceive victims into providing sensitive fiduciary information, such as credit card or bank account numbers. Losses that are covered by the solution may be those arising from situations where insured parties are fraudulently encouraged to transfer money in good faith after fraudulent telephone, written or electronic instructions.
The solution also solves shortcomings in standard crime policies that offer inadequate sublimits, with limits ranging from $ 100,000 to $ 10 million. And recognizing that awareness and vigilance is the best way to combat social technology fraud, AmWINS 'solution also offers free training on social engineering through KnowBe4, the world's largest provider of security awareness training.
The solution is currently available in 47 states and the District of Columbia.
"Avoiding loss through good training is much more cost-effective and less disruptive for a company than just insurance," said David Lewison, senior vice president and leader of the national professional line for AmWINS. "The exclusive combination of employee training and comprehensive coverage makes this solution unique in comparison to other social engineering products on the market."
"At AXIS, we believe that education and preparedness are essential for reducing risks, such as social engineering," said Lisa Block, vice president and Product Product Safety Product Manager at AXIS Insurance. "Through this solution, customers will have access to essential, exclusive training in addition to improved crime coverage in civil engineering."