FCA warns over fraudsters targeting the insurance sector 

The FCA has said it is aware of a number of similar frauds carried out within the insurance sector involving cybercriminals gaining access to the email accounts of insurers and insureds and then transferring significant sums of money into fraudsters’ accounts. 

The regulator is encouraging market participants to be on the alert for scams like these, particularly when receiving requests to amend payment details. 

The FCA stresses that firms should have sufficient controls in place, including agreed processes for verifying and effecting changes to third-party bank details and robust cybersecurity measures for detecting and preventing email spoofing and cyber-squatting.

For further details on this or any other compliance-related topic, contact our expert team on 01925 767888, or email helpline@ukgigroup.com.

 

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