Posts in Category: SafeTalk

Blog Post List

NEW Cyber program, including new cyber policy and loss control/breach resources 

ABA Insurance Services recently introduced a new Cyber insurance program with three key features:
·  Cyber Cover, a cyber liability and privacy insurance policy (currently approved in 38 states);
·  Cyber Care, an open and free forum available to everyone; and
·  Cyber844, a login accessible portal for insureds who have Cyber Cover or Internet Banking Liability.

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What is “Negligent Entrustment” and what does it mean for your bank? 

by Dirk Hanket, P&C Product Manager

The number of negligent entrustment suits and verdicts is increasing, with large settlements being common and judgments often including punitive damages. The costs of developing and implementing a safety and risk program are minimal compared to the emotional and financial costs of negligent entrustment.

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A Dyre Situation: Malware Targets Corporate Banking Accounts 

First discovered in June 2014, “Dyre” malware has quickly become one of the most prominent banking Trojans targeting corporate customers’ bank accounts today. A system infected with the Dyre malware, which is delivered and downloaded through phishing/spam campaigns, will attempt to harvest customers’ information and online banking credentials to conduct unauthorized transfers.

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Take steps to prevent employee embezzlement of vault cash. 

Some thefts still do occur on the bank’s premises.

Over the past several years, we have seen an uptick in the number of reported claims involving employee embezzlement of vault cash. Be sure that prevention measures are in place and enforced in order to prevent employee theft.

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Standard wire verification templates can mitigate losses 

Fraudulent electronic transfers plague the banking industry. As criminals become more creative in how they target your customers, it is increasingly important for your staff to follow standard verification and documentation procedures. Implementing standard procedures should be followed for all transfers in an effort to prevent or mitigate fraud. Here, we present a template of one possible wire transfer verification form to use at your bank.

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