The higher the transaction volume, the greater the risk rises for fraud. Risk is present whether transactions are conducted by check, deposit, wire or electronic transfer. (Photo: JohannesS/Shutterstock)
Every independent insurance agency must protect its operations from fraud, including bank fraud.
Moving money ― both incoming and outgoing ― poses the greatest risk of fraud for an insurance agency. Collecting premiums, paying bills, administering payroll, paying commissions, and moving funds from or to depository accounts all require procedural protocols and consistent monitoring to mitigate risk for the agency.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
