Description

This form of cybercrime targets the human side of your business—manipulating employees into sending money to fraudulent accounts. Common tactics include email spoofing, impersonating suppliers or executives, and altering payment details on invoices. It's often fast, silent, and only discovered after the funds are long gone.

For SMEs, a single incident can wipe out tens of thousands of pounds—sometimes the equivalent of a month's turnover. Fraudsters are increasingly sophisticated, using social engineering, domain spoofing, and even hacked email threads to make their requests look authentic. Unfortunately, traditional bank fraud protection doesn't always apply if the payment was voluntarily made.

Cyber insurance with funds transfer fraud coverage can reimburse losses caused by fraudulent payments and support forensic investigation to trace the breach source. It may also cover legal costs, customer notification (if client data is involved), and improvements to fraud prevention systems.

This cover acts like a financial safety net when digital deception hits your accounts department. Beyond reimbursement, it gives you tools and insights to close gaps, train staff, and avoid repeat attacks—turning a painful incident into a protected and educated recovery.