485 Mansfield Ave. Pittsburgh, PA 15205 Phone: 412-922-8222 Fax: 412-922-1588 
Business Hours: M-F 8:30 am - 4:30 pm EST info@hurstweiss.com 
Hurst Weiss Insurance & Investments Common Cents
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Copyright 2010-2012 Michael C Konopelski, Common Cents Insurance Tips may not be copied or used without permission of the author. All rights reserved.
False Pretense Exclusion & Social Engineering  
The False Pretense exclusion is applied in an insurance policy when there is a voluntary parting with any property by you or anyone else to whom you have entrusted property if induced to do so by any fraudulent scheme, trick or false pretense.  In other words a criminal will trick you or an employee into voluntarily giving them your property.  When you willingly hand over your property, your insurance policy will not make you whole to this loss. A couple examples of this would be an employee of a company receiving a request by email from a client, vendor or supervisor advising them to transfer funds to an account.  The email has the correct logo and looks right, unfortunately the account that the funds are being sent to are that of the criminal.  Or, in another situation a new customer (normally on line or by phone) tricking a business to accepting a stolen credit card, that the business owner or employee are unaware has been canceled by the credit card company. They have been misled into believing that the card has been accepted by the “bank” and find out after the item was shipped to the crook that the credit card was declined.  They are out the cost of their product. Unfortunately criminals are becoming more sophisticated when engaging in fraud.  Fraud can be a little harder to detect than in the past when you would get an email from the Crown Prince asking for your help with a financial matter.   It is important that you and your employees pay attention to red flags when dealing with people. In the cyber world this type of fraud is called Social Engineering and it is costing companies a lot of money.  Please note that most cyber liability policies will have an exclusion for this type of claim, as the cost to insurance carriers if they paid these types of claims would be excessive.  So make sure that you implement safeguards, and immediately report any fraud to the police. Please feel free to call if you have questions or feel we can be of service, call Hurst- Weiss Insurance 412-922-8222. Hurst-Weiss "Your One-Stop Insurance & Investment Services Firm."
Copyright 2010-2015 Michael C Konopelski, Common Cents Insurance Tips may not be copied or used without permission of the author. All rights reserved.
False Pretense Exclusion & Social Engineering  
The False Pretense exclusion is applied in an insurance policy when there is a voluntary parting with any property by you or anyone else to whom you have entrusted property if induced to do so by any fraudulent scheme, trick or false pretense.  In other words a criminal will trick you or an employee into voluntarily giving them your property.  When you willingly hand over your property, your insurance policy will not make you whole to this loss. A couple examples of this would be an employee of a company receiving a request by email from a client, vendor or supervisor advising them to transfer funds to an account.  The email has the correct logo and looks right, unfortunately the account that the funds are being sent to are that of the criminal.  Or, in another situation a new customer (normally on line or by phone) tricking a business to accepting a stolen credit card, that the business owner or employee are unaware has been canceled by the credit card company. They have been misled into believing that the card has been accepted by the “bank” and find out after the item was shipped to the crook that the credit card was declined.  They are out the cost of their product. Unfortunately criminals are becoming more sophisticated when engaging in fraud.  Fraud can be a little harder to detect than in the past when you would get an email from the Crown Prince asking for your help with a financial matter.   It is important that you and your employees pay attention to red flags when dealing with people. In the cyber world this type of fraud is called Social Engineering and it is costing companies a lot of money.  Please note that most cyber liability policies will have an exclusion for this type of claim, as the cost to insurance carriers if they paid these types of claims would be excessive.  So make sure that you implement safeguards, and immediately report any fraud to the police. Please feel free to call if you have questions or feel we can be of service, call Hurst-Weiss Insurance 412-922-8222. Hurst-Weiss "Your One-Stop Insurance & Investment Services Firm."
Hurst Weiss Insurance & Investments
485 Mansfield Ave. Pittsburgh, PA 15205 Phone: 412-922-8222 Fax: 412-922-1588
Business Hours: M-F 8:30 am - 4:30 pm EST info@hurstweiss.com 
Common Cents
Copyright 2010-2015 Michael C Konopelski, Common Cents Insurance Tips may not be copied or used without permission of the author. All rights reserved.
  |  Home  |   About Hurst-Weiss  |   Client Services  |   Investment Services  |   Request A Quote  |   Reports  |   Contact Us  |   Common Cent$  |   Mike's Insight  |  

Every effort has been made to insure all products are updated with current information. However features, specifications change. Hurst-Weiss Insurance & Investment reserves the right to change these without incurring any liability. Content © Jan. 2012 Hurst-Weiss All rights reserved

JustinTyme Productions
Common Cents
False Pretense Exclusion & Social Engineering  
The False Pretense exclusion is applied in an insurance policy when there is a voluntary parting with any property by you or anyone else to whom you have entrusted property if induced to do so by any fraudulent scheme, trick or false pretense.  In other words a criminal will trick you or an employee into voluntarily giving them your property.  When you willingly hand over your property, your insurance policy will not make you whole to this loss. A couple examples of this would be an employee of a company receiving a request by email from a client, vendor or supervisor advising them to transfer funds to an account.  The email has the correct logo and looks right, unfortunately the account that the funds are being sent to are that of the criminal.  Or, in another situation a new customer (normally on line or by phone) tricking a business to accepting a stolen credit card, that the business owner or employee are unaware has been canceled by the credit card company. They have been misled into believing that the card has been accepted by the “bank” and find out after the item was shipped to the crook that the credit card was declined.  They are out the cost of their product. Unfortunately criminals are becoming more sophisticated when engaging in fraud.  Fraud can be a little harder to detect than in the past when you would get an email from the Crown Prince asking for your help with a financial matter.   It is important that you and your employees pay attention to red flags when dealing with people. In the cyber world this type of fraud is called Social Engineering and it is costing companies a lot of money.  Please note that most cyber liability policies will have an exclusion for this type of claim, as the cost to insurance carriers if they paid these types of claims would be excessive.  So make sure that you implement safeguards, and immediately report any fraud to the police. Please feel free to call if you have questions or feel we can be of service, call Hurst-Weiss Insurance 412-922-8222. Hurst-Weiss "Your One-Stop Insurance & Investment Services Firm."
485 Mansfield Ave. Pittsburgh, PA 15205 Phone: 412-922-8222 Fax: 412-922-1588
Business Hours: M-F 8:30 am - 4:30 pm EST info@hurstweiss.com 
Hurst Weiss Insurance & Investments
Copyright 2010-2015 Michael C Konopelski, Common Cents Insurance Tips may not be copied or used without permission of the author. All rights reserved.
  |  Home  |   About Hurst-Weiss  |   Client Services  |   Investment Services  |   Request A Quote  |   Reports  |   Contact Us  |   Common Cent$  |   Mike's Insight  |  

Every effort has been made to insure all products are updated with current information. However features, specifications change. Hurst-Weiss Insurance & Investment reserves the right to change these without incurring any liability. Content © Jan. 2012 Hurst-Weiss All rights reserved

JustinTyme Productions