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Fraudulent instruction scams on rise: Beazley

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Organizations are facing an increased threat to their operations from fraudulent instruction scams, says a report by Beazley P.L.C.’s Beazley Breach Response Services issued Friday.

Under fraudulent instruction scams, criminals use hacking and phishing techniques to accumulate information that allows them to send reports that look plausible to transfer funds to bogus accounts, said Beazley in its report.

In the fourth quarter, the number of such incidents almost quadrupled to 40 from the first quarter, according to the report, with policyholders incurring losses ranging from a few thousand dollars up to $3 million.

“With claims amounts in 2017 averaging $352,000, fraudulent instruction has rapidly become a significant financial threat to many organizations,” says the report.

The report says the main causes of data breach incidents reported to BBR Services remained hacking or malware, which accounted for 39% of the total reported.