As Thieves Steal Millions, Chubb Helps Employers Prevent Social Engineering Fraud

WARREN, N.J., March 17, 2015 /PRNewswire/ -- "Social engineering fraudsters present a growing risk for all businesses, and their trickery is costing some companies as much as $7 million in a single incident," said Christopher Arehart, global product manager for crime insurance at Chubb Group of Insurance Companies. "Fortunately, businesses can train their employees to detect these potentially costly schemes."

To help employers train employees, Chubb has created a Guide to Preventing Social Engineering Fraud, which is available online at no charge. The guide explains how a thief may pose as a vendor or client over the telephone, online or in person to trick an employee into paying a bill or making a securities transfer. It also lists measures companies can take to help prevent social engineering fraud, including contacting clients and vendors by phone to verify that they made a funds transfer request and engaging a third party to periodically test employees by randomly asking them for information that should not be shared.

"Employees often are easy targets for fraudsters because people naturally want to help others – especially in an organization that encourages customer-service excellence," said Arehart. "Education is the best way to prevent such human hacking."

In 2014, Chubb introduced a crime insurance endorsement to help protect companies from social engineering fraud losses. The endorsement can be added to the crime insurance coverage section of several Chubb products, including Executive Protection PortfolioSM, Health Care PortfolioTM, ForeFront Portfolio for Not-for-Profit OrganizationsTM and Forefront Portfolio 3.0TM.

About Chubb
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.

Contact: Jodi Dorman
(908) 903-2608
Email: [email protected]

SOURCE Chubb Group of Insurance Companies

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