An FFT occurs when an actor utilizes tactics to gain the trust of an employee or company and convince them to send money to a bank account the fraudster controls. (Credit: davidevison – Fotolia) An FFT occurs when an actor utilizes tactics to gain the trust of an employee or company and convince them to send money to a bank account the fraudster controls. (Credit: davidevison – Fotolia)

Ransomware is a well-known scourge in the cyber world, with these claims averaging $256,000 each. Those big, scary dollar amounts grab headlines, but the Risk Insights Index from Corvus reveals one of the most significant drivers of cybercrime is actually fraudulent fund transfer (FFT), which comprised 36% of the company's cyber claims in the third quarter of 2022. While these claims typically aren't as financially destructive as ransomware attacks individually, they still pack a punch at an average of $90,000 in losses for each attack.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

Commercial Lines
Claims Technology
Information Security
Cybersecurity