The United States District Court for the Northern District of Mississippi, applying Mississippi law, held that only a “Social Engineering Fraud” provision responded to a loss resulting when an unknown third-party, posing as the insured’s vendor, sent fraudulent banking information and the insured issued payments based on that information.  Miss. Silicon Holdings, LLC v. AXIS Ins. Co., 2020 WL 868874 (N.D. Miss. Feb. 21, 2020).  The court, holding that the policy provisions were unambiguous, rejected the insured’s argument that the policy’s “Computer Transfer Fraud” and “Funds Transfer Fraud” provisions should apply.

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