Tag archives: Theft

Payments to third parties under commercial crime policies

Payments to third parties do not qualify as a “loss” under commercial crime policies because such payments are not an “unlawful taking” by the employee. The United States District Court (New Jersey) recently had occasion to consider the interpretation of two commercial crime policies. The policies covered losses for “employee theft” stating that: “We will … Continue reading

Serious consequences if you use money mistakenly transferred into your account

In the digital age, more and more people are using electronic banking. The risks associated with electronic banking include typing errors which result in money being transferred to an incorrect account or more money being paid than is due. If a person receives money mistakenly transferred to their account and uses that money, knowing that … Continue reading