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Los Angeles-based
Grandpoint, a commercial bank with operations in Southern
California, Arizona and Southern Washington, said it is the
first bank to market such policies.
The approach is similar to mobile phone carriers offering
customers insurance for lost or stolen phones, which is also
available directly through insurers.
Grandpoint said the coverage includes losses from wire-transfer
scams including business email compromise. In business email
compromise schemes, fraudsters pose as executives or vendors
from a business, sending requests for money transfers to
accounts controlled by criminals.
The U.S. Federal Bureau of Investigation last week warned that
business email compromise scams have grown dramatically over the
past year. FBI data shows that criminals have sought to use such
scams to steal more than $3 billion since June 2013. [L1N19613A]
Grandpoint said the policy, which is underwritten by Hiscox Inc,
a unit of Hiscox Ltd, costs $30 to $70 per month for up to $1
million in coverage.
(Reporting by Jim Finkle; Editing by David Gregorio)
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