National Bank believed it had been properly authorized to transfer $250,000 to the off-shore account of one of its corporate customers.The authorization was fraudulent,however,and the transferred funds were stolen.Under which commercial crime coverage insuring agreement would such a loss be covered?

Question

Quizplus · Accepted Answer

The loss due to fraudulent authorization for funds transfer would be covered under the Funds Transfer Fraud insuring agreement.

National Bank Believed It Had Been Properly Authorized to Transfer