Finance

Fraud, fidelity and cyber losses at banks and financial institutions turn on documents, transactions and controls rather than physical damage. We work with forensic accountants and IT forensic specialists to establish how the loss happened, who was involved where that can be shown, what was recovered and how the policy responds.

Where a crime is involved we liaise with law enforcement, and alongside the adjustment we give insureds practical recommendations to close the control gaps that allowed the loss.

Specialist Areas

We offer specialist adjusting support in the following areas, including but not limited to:

• Fidelity guarantee and employee fraud
• Cyber crime and electronic fraud
• Cash in transit and cash in safe
• Branch losses, including fire and burglary
• Professional indemnity
• Bonds and guarantees

Our Results in Financial Services

Fund Diversion by a Former Employee

A former employee of a financial institution exploited system weaknesses to divert funds through unauthorised profit distributions.

Through interviews, forensic analysis of the transactions and work with law enforcement, we traced the funds, identified the control lapses and recommended system improvements. Part of the money was recovered, and the adjustment reflected contributory negligence for the control failures. Read the case study.

Cyber Attack on a Bank's Mobile App

A man-in-the-middle attack on a commercial bank's mobile app allowed a rogue device to bypass device binding and make fraudulent transfers from customer accounts.

With an independent IT forensic specialist and the Police Special Fraud Unit, we mapped the control gaps against ISO/IEC 27001 and the CBN Cybersecurity Framework, took account of recoveries and applied the policy limit and a penalty for known, unremediated weaknesses. Read the case study.