Helping to recover £3.7 million of money lost to cyber conveyancing fraud is no small feat, and Pen Underwriting is happy to report it’s been able to do just that through the fraud response initiative it set up in partnership with UK law firm Mills & Reeve.
According to Pen Underwriting, of the 14 cases reported to the specialist insurance business so far, 55% of the total £6.7 million has been retrieved. In three instances, the full amount was contained and recovered.
“The initiative’s effectiveness comes from cutting out chains of communication and administrative delay by (i) allowing affected customers to contact a specialist fraud response team at Mills & Reeve directly via a hotline, and (ii) a clearly defined delegated authority from Pen Underwriting that allows Mills & Reeve to take the immediate action required to preserve, trace, and recover the funds,” explained the solicitors’ professional indemnity insurance specialist, which created the initiative to combat the growing risk posed by cybersecurity fraud to law firms and their clients.
Meanwhile financial lines & specialty claims head Billy Hinken said it’s no surprise that perpetrators are targeting house purchases given the large sums of payment involved.
“The swiftness of the fraud helpline and response initiative and its clear set of protocols enable immediate and effective reaction, maximising the chances of blocking, preserving, and recovering stolen funds for insurers,” noted the Pen Underwriting executive.
“In many cases, by the time a notification hits the inbox of a client’s broker we and the specialist team of lawyers at Mills & Reeve are already progressing matters with banks, the police, overseas lawyers, IT and data specialists, and other experts, giving us the best possible chance of recovering part or all of the stolen monies.”
