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Funds Protect Business

Protecting your business against a loss of funds due to third party fraud

overview

Funds Protect Business is a focused insurance solution that covers financial losses from irrecoverable fraudulent fund transfers affecting business accounts.

The policy provides protection when funds are lost through phishing scams, payment redirection, unauthorised EFTs, or hacking incidents — and cannot be recovered by your bank or third party.

This product is suitable for businesses of all sizes that transact electronically or manage online payments.

What is covered
Who Is This For?

• Businesses transacting via EFT or online banking platforms
• Companies managing vendor lists, payroll, or bulk payments
• SMEs and mid-market businesses holding operational funds in business accounts
• Any business that would face financial hardship from irrecoverable fraud losses

Policies are individually underwritten. Premiums and limits are based on risk exposure, sector, and security measures.

Key Features

Authorised and unauthorised funds transfers are covered

Affordable

Simple application process

Easy claims procedure with no excess payable

Example Covered Events

  •  An EFT to a supplier is intercepted by email fraud and   rerouted
  •  Fraudulent beneficiary details are introduced into           your payment system
  •  A ransomware attack demands payment, resulting in   an unrecoverable financial loss (subject to cyber     extortion sublimit)
Limitations
  •  Cyber extortion payments are covered up to 10% of       the total cover limit
  •  Fraudulent/dishonoured cheques, cryptocurrency   losses, and intercompany fund movements are   excluded

Refer to the full policy wording for complete conditions and exclusions.

Product Comparison

Want to Know More?

This product is distributed through licensed insurance brokers. If you’d like more information:

Email: enquiries@phishield.com

Send an Enquiry