Funds Transfer Fraud means the loss of Money or Securities contained in a Transfer Account at a Financial Institution resulting from fraudulent written, electronic, telegraphic, cable, teletype or telephone instructions by a third party issued to a Financial Institution directing such institution to transfer, pay or deliver Money or Securities from any account maintained by the Insured Organisation at such institution, without the Insured Organisation’s knowledge or consent.
Funds Transfer Fraud means Theft of Money or Securities from any of the Insureds' Transfer Accounts at a Financial Institution and occurring through Fraudulent Transfer Instructions communicated to such Financial Institution.
Funds Transfer Fraud means any of the following acts, carried out by means other than through the intentional misleading of a person by means of a dishonest misrepresentation of a material fact contained or conveyed within an electronic or telephonic communication(s) and relied upon by a person believing it to be genuine:
Examples of Funds Transfer Fraud in a sentence
Coverage will include Employee Theft, Forgery and Alteration, Computer Fraud, and Funds Transfer Fraud.
The applicable Single Loss Limit of Liability and Single Loss Deductible for the Customer Funds Transfer Fraud Insuring Agreement are as set forth in the Declarations or in the above schedule.
December 9, 2019) that a commercial crime policy’s coverage for "Computer and Funds Transfer Fraud" that insured "loss resulting directly from a 'fraudulent construction' directing a 'financial institution' to transfer or pay funds" applied to a “phishing” incident in which fraudsters fooled a business into transferring $1.7 million to an offshore bank account in China.
The Insurer shall pay the Insured for direct financial loss first Discovered during the Period of Insurance or any applicable Discovery Period resulting from a Funds Transfer Fraud.
The exclusion in Paragraph A.1. does not apply to Computer Fraud And Funds Transfer Fraud Coverage when attached to your policy.
More Definitions of Funds Transfer Fraud
Funds Transfer Fraud means the unlawful taking of Funds from an account held by the Insured with a Financial Institution following and as a result of a fraudulent electronic, telegraphic, verified facsimile, telephone or handwritten instruction to the Financial Institution to debit the Insured’s account and to transfer, pay or deliver Money or Securities from the Insured’s account which instruction purports to have been transmitted or purports to have been issued by the Insured but was, in fact, fraudulently transmitted or fraudulently issued, forged or altered by a Third Party.
Funds Transfer Fraud means fraudulent written, electronic, telegraphic, cable, teletype or telephone instructions by a Third Party issued to a Financial Institution directing such institution to transfer, pay or deliver Money or Securities from any account maintained by an Insured at such institution, without the Insured's knowledge or consent.
Funds Transfer Fraud means the criminal and intentional deprivation of the Insured’s funds resulting directly from Fraudulent Instructions given to a financial institution to transfer, pay or deliver funds of the Insured from a Bank Account.
Funds Transfer Fraud means fraudulent written, electronic, telegraphic, cable, teletype or telephone instructions issued to a financial institution directing such institution to transfer, pay or deliver Money or Securities from any account maintained by an Insured Organization at such institution, without an Insured Organization’s knowledge or consent.
Funds Transfer Fraud means the loss of Money or Securities contained in a Transfer Account at a Financial Institution resulting from fraudulent written, electronic, telegraphic, cable, teletype, or telephone instructions by a third party issued to a Financial Institution directing it to transfer, pay, or deliver Money or Securities from any account maintained by the Fund Member at this institution without the Fund Member’s knowledge or consent. Funds Transfer Fraud will not include any loss arising out of:
(A) a type or kind covered by the Fund Member’s financial institution bond or commercial crime policy;
(B) any actual or alleged fraudulent, dishonest, or criminal act or omission by or involving any natural person
(C) any indirect or consequential loss of any kind;
(D) punitive, exemplary, or multiplied damages of any kind or any fines, penalties, or loss of any tax benefit;
(E) any liability to any third party, except for direct compensatory damages arising directly from Funds Transfer Fraud.
(F) any legal costs or expenses, or the proving or establishing the existence of Funds Transfer Fraud;
(G) the theft of, the disappearance of, destruction of, unauthorized access to, or unauthorized use of confidential information, including a PIN or security code;
(H) any forged, altered, or fraudulent negotiable instruments, securities, documents, or instructions; or
(I) any actual or alleged use of credit, debit, charge, access, convenience, gift, or other cards or the information contained on those cards.
Funds Transfer Fraud means an intentional, unauthorised and fraudulent instruction transmitted by electronic means to a Financial Institution directing such institution to debit an account and to transfer, pay or deliver Money or Securities from such account, which instruction purports to have been transmitted by the Insured Organisation, but was in fact transmitted by someone other than an Employee without the Insured Organisation’s knowledge or consent.
Funds Transfer Fraud means fraudulent written, electronic, telegraphic, cable, teletype or telephone instructions issued to a financial institution directing such institution to transfer, pay or deliver Money or Securities from any account maintained by the Insured at such institution, without the Insured's knowledge or consent. Funds Transfer Fraud shall not include a Forgery.