Social Engineering Fraud Risk Management Guide

This guide addresses the growing issue of social engineering fraud, particularly focusing on the impact of artificial intelligence and deepfake technology on corporate security. It outlines how criminals are increasingly using deepfakes to impersonate executives and trick employees into releasing sensitive information or funds. The document references the FBI's 2024 Internet Crime Report, which indicates significant financial losses due to business email compromise scams. It highlights that over half of surveyed executives reported their companies have been affected by AI deepfake incidents. The guide also presents risk management strategies for private companies and not-for-profit organizations, suggesting measures to strengthen security protocols and mitigate risks. Additionally, it discusses insurance options available through Chubb's ForeFront Portfolio, which includes coverage for various types of social engineering fraud losses. The document provides real-world examples of deepfake fraud scenarios to illustrate the risks and consequences faced by organizations.