Branch Manager Ponzi Schemes
April 2025
Clergy, magistrate, bank manager is the order of those with influence and respect in the community as described to us recently when meeting a financial institution. Should a bank manager be so disposed, they can exploit that trust and misappropriate significant sums from the community before their nefarious acts are discovered.
D&O Claim affecting Joint Stock Company in Saudi Arabia
January 2025
The Directors of the policyholder were each fined SAR 70,000 by the Capital Market Authority (“CMA”) for their failure to file the company’s annual financial results and hold an ordinary general assembly meeting within six months of the end of financial year.
Ransomware Attack at a US Community Hospital
March 2024
The claim was for loss of income and costs.
Middle East Bank – Trade Finance Loan Fraud by a Corporate Customer
January 2024
A major Middle East bank reported a complex fraud relating to eight loans advanced under a trade finance facility to a corporate customer in Singapore. We verified the Insured’s loss in excess of USD 18.5 million.
Ransomware Attack Affecting Private Schools in Singapore
November 2023
For this claim, we were instructed by insurers to gather information and documentation in relation to the costs incurred by the insured group of schools.
Customer issues Court Proceedings against Bank after Personal Assistant spent USD 3.75 million on Credit Card
August 2023
The Insured, a Middle Eastern bank, reported a potential exposure of c.USD 5 million after unauthorised transactions were made using a high-net-worth customer’s credit card.
DDoS Attack on an e-Commerce Platform
May 2023
This Distributed Denial of Service “DDos” attack affected the eCommerce platform of a retailer of horticultural and garden products.
Customer claim against UAE Bank arising from a lost cheque
January 2023
A customer of a bank in the UAE deposited a cheque for SAR 1,000,000 drawn on a bank in Saudi Arabia.
Fraud at a Lebanese Joint Venture
August 2022
A multinational courier firm. Local laws regarding business ownership meant the Lebanese operation was a joint venture.
Employee Theft of Client Funds – UK Professional Services Practice
March 2022
The Insured's employee stole funds from two bank accounts containing the firm's clients funds.
Dishonesty of Employee and SIM Swap Fraud – Bank in the United Arab Emirates
January 2022
The insured are a large bank in the United Arab Emirates. As much as USD 1.5million was stolen from customer accounts.
UK literary agent hit by ransomware attack
September 2021
The insured, a UK based literary agent, were hit by a ransomware attack in the days following the initial Covid-19 lockdown. As with many SMEs, the insured were still trying to navigate the challenges of working from home, and this made the attack particularly disruptive.
Impropriety by GM – Colombian Subsidiary of Healthcare Provider
May 2021
A European-owned multinational with offices worldwide. The General Manager had founded the business himself and had sold out to the multinational.
Dishonesty of Employee – Hong Kong Branch of a Management Agency
January 2021
A US-owned agency with offices worldwide. The Hong Kong branch was previously independent and had been sold to the international agency in the 2000s.
