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fraud


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Fraudulent e-mail a ‘real big deal’ in cyber risk

November 16, 2017 Greg Meckbach, Associate Editor

There is plenty of competition in the cyber insurance market but placing a cyber product suitable for a client “can be a challenge” because different insurers offer different products, the author of a recent report suggested Thursday. International Risk Management

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Cybercriminals capitalizing on blockchain popularity to create fraud schemes: Kaspersky

November 6, 2017 by Canadian Underwriter

Cybercriminals are capitalizing on the popularity of blockchain technology by circulating cryptocurrency-themed fraud schemes, according to cybersecurity company Kaspersky Lab’s Spam and Phishing in Q3 2017 report. “While cryptocurrency holders search for new investment opportunities and bitcoin enthusiasts look to

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Supreme Court rules against Canadian banks in lawsuit arising from cheque fraud

October 30, 2017 by Canadian Underwriter

Despite a warning from lawyers that banks could be made “insurers against cheque fraud perpetrated by employees on their employers,” the Supreme Court of Canada announced Friday it has ruled against two banks that were sued by a company that

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Protection against cheque fraud losses one purpose of Bills of Exchange Act: Banks

October 23, 2017 by Canadian Underwriter

If the Supreme Court of Canada restores Friday a 2014 ruling made by the Ontario Superior Court of Justice, Canadian banks would be made “insurers against cheque fraud perpetrated by employees on their employers,” argue two Big 5 Canadian banks

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Cross-industry fraud increasing: LexisNexis Risk Solutions study

October 19, 2017 by Canadian Underwriter

Today’s criminals are more sophisticated than ever, as cross-industry fraud is occurring in 84% of polled cases, a new survey of fraud mitigation professionals has found. The third annual LexisNexis Fraud Mitigation Study surveyed 800 fraud mitigation professionals from the

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Aviva Canada beefs up identity theft offering to protect customers

October 3, 2017 by Canadian Underwriter

Aviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a

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Brokers placing fidelity coverage should be ‘involved early on’ in fraud investigations: RIMS speaker

September 26, 2017 Greg Meckbach, Associate Editor

Risk managers dealing with internal fraud investigations need to get brokers and carriers involved early in any fraud investigation, regardless of whether or not criminal charges are being pursued, and ensure that evidence is preserved, RIMS Canada Conference speakers suggested

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Deep learning to help drive fraud predictions by 2019: Gartner

September 20, 2017 by Canadian Underwriter

Deep learning – a variation of machine learning (ML) – will be a “critical driver for best-in-class performance for demand, fraud and failure predictions” by 2019, research and advisory company Gartner, Inc. suggested on Wednesday. Deep learning represents the major

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Volkswagen engineer gets prison, $200,000 fine in diesel scandal

August 25, 2017 The Associated Press

DETROIT – A Volkswagen engineer who had a key role in the company’s diesel emissions scandal was sentenced Friday to more than three years in prison and a $200,000 fine, a steeper punishment than prosecutors requested. Robert Liang, 63, knew the German automaker was cheating and worked to cover it up, U.S. District Court Judge Sean Cox said during the sentencing hearing in Detroit. The judge imposed a 40-month prison sentence.
“The conspiracy perpetrated a massive … and stunning fraud on the American consumer that attacked and destroyed…

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Cybercriminals used WannaCry epidemic to promote fraudulent services, Kaspersky report says

August 22, 2017 by Canadian Underwriter

Cybercriminals involved in spam distribution tried to capitalize on public fears of the WannaCry ransomware epidemic with spam and phishing emails offering cyber protection, a new report from Kaspersky Lab has found. The Spam and phishing in Q2 2017 report,

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Kaspersky discovers new version of Android Trojan that steals credentials from taxi and ridesharing app users

August 18, 2017 by Canadian Underwriter

Researchers from cybersecurity company Kaspersky Lab reported on Thursday that they have discovered a new modification of the well-known mobile banking Trojan, Faketoken, which is now able to steal credentials from taxi and ridesharing app users. Based on the results

News InsuranceLegalMarkets / CoveragesMergers and Aqcuisitions

More vehicle crashes, increased injury payouts and higher vehicle repair costs contributing to proposed rate hike: ICBC

August 15, 2017 Jason Contant, Online Editor

A greater number of vehicle crashes, increased injury costs and higher vehicle repair costs are all contributing to the increase in proposed insurance rates for drivers in British Columbia, the province’s Crown corporation responsible for auto insurance said on Monday.