Physical Health Plan
No Result
View All Result
  • Home
  • Fitness
  • Mental Health
  • Recipes
  • Workouts
  • Food & Nutrition
  • Home
  • Fitness
  • Mental Health
  • Recipes
  • Workouts
  • Food & Nutrition
No Result
View All Result
Physical Health Plan
No Result
View All Result
Home Uncategorized

Small businesses are big targets for fund transfer fraud

Related articles

What Should You Do If You’re in a Car Accident While Out of State?

Case study: Snapsheet’s virtual claims management technology

Overall fund transfer fraud (FTF) losses increased 69% from 2020-2021, according to claims data from Coalition, Inc. The frequency of these cybercrimes grew 21% for companies with less than $25 million in annual revenue and 68% for those with $25 million-$100 million in revenue during the period.

Typically initiated through social engineering tactics such as phishing and business email compromise, FTF is one of the easier ways to monetize a cyberattack, the insurance company wrote in its 2022 Cyber Claims Report. Once they have access to a business email, hackers can manipulate contracts or modify payment instructions at times without even triggering security alerts. Cybercriminals are also sending payment instructions that purport to come from customers or vendors either through spoof accounts made to look legit or by comprising the third party’s email system.

During the first half of 2021, Coalition saw a surge of these attacks and initial FTF losses reached an average of $388,000 (before accounting for recovered funds). In the second half, the initial loss average did temper some as it dropped 11% to $347,000. However, that was still 78% above initial loss averages from 2020.

This trend became more pronounced for small businesses (less than $25 million in revenue) as these organizations saw initial FTF losses increase by 102% in the second half of 2021, according to Coalition. These businesses also saw a spike in FTF frequency during the period, growing 54% compared with 2021’s first half.

Overall, small businesses saw a 54% increase in FTF during 2021 as well as a 40% increase in ransomware attacks, according to Coalition, which reported that automation of cyberattacks has made it easier and more profitable for hackers to target small businesses. In 2021, Coalition’s overall claims severity rose 56% for these types of organizations.

Small businesses typically have less digital infrastructure and data, leaving hackers with less leverage during a ransomware negotiation, according to the company, resulting in more FTF.

The most critical factor to bouncing back from FTF is to act as soon as possible, according to Coalition. In addition, the cyber insurer recommends taking the following six steps:

[Read More…]

Previous Post

Liberty Mutual closes State Auto acquisition

Next Post

5 Top Traits of an Excellent Mortgage Lender

Related Posts

Uncategorized

What Should You Do If You’re in a Car Accident While Out of State?

October 9, 2024
Uncategorized

Case study: Snapsheet’s virtual claims management technology

May 20, 2022
Uncategorized

Arbella Insurance partners up to launch Insurance Academy

May 20, 2022
Uncategorized

Ford Recalls 39,000 U.S. SUVs After Engine Fire Reports

May 20, 2022
Uncategorized

Growth of Massive New Mexico Wildfire Slowed

May 20, 2022
Uncategorized

Policies’ Arbitration, AOB Endorsements are Unconstitutional, Florida Lawsuit Claims

May 20, 2022

Search..

No Result
View All Result

Subscribe Us

By clicking submit, I authorize Physical Health Plan and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

Recommended

Step by Step Instructions to Choose the Right Running Chews

December 24, 2021

Hot Yoga Is No Better for You Than Regular Yoga, Study Says

December 23, 2021
  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
  • Privacy Choices

© 2025 Physical Health Plan. All Rights Reserved.

No Result
View All Result
  • Home
  • Fitness
  • Mental Health
  • Recipes
  • Workouts
  • Food & Nutrition

© 2025 Physical Health Plan. All Rights Reserved.

Skip to content
Open toolbar Accessibility Tools

Accessibility Tools

  • Increase TextIncrease Text
  • Decrease TextDecrease Text
  • GrayscaleGrayscale
  • High ContrastHigh Contrast
  • Negative ContrastNegative Contrast
  • Light BackgroundLight Background
  • Links UnderlineLinks Underline
  • Readable FontReadable Font
  • Reset Reset