DigiSure Global Group’s Post

Insurtech Vesttoo is facing severe allegations of fraud involving billions of dollars in forged letters of credit (LoCs). The firm, once a rising star in the industry, has been accused of creating fictitious personas and impersonating bank employees as part of a global conspiracy.   Vesttoo is seeking Chapter 11 bankruptcy protection, while major industry players, including Aon and Clear Blue Insurance, are entangled in legal battles over the situation.   The case highlights the critical role of letters of credit (LoCs) in managing counterparty risk within the insurance sector. As the industry grapples with the fallout, more scrutiny is being placed on counterparty credit and LoCs, with Lloyd's of London implementing stricter regulations on LoC usage this year.

To avoid legal risks associated with patents, banks should address intellectual property vulnerabilities and ensure proper insurance coverage https://ow.ly/vTpW50ThnqQ #FinancialInstitutions #IPLitigation #IntellectualProperty #ASmarterWayToRisk #WTWPerspective

Insurance Leaders Optimistic About AI’s Impact on Underwriting Quality and Fraud Reduction but Underwriter Confidence Lags. Read more: https://lnkd.in/dfQ5NqJP #insurtech #fintech #finance #FinancialIT

Is Your Collection Agency Protected? In the ARM and FinTech industries, where legal actions are common, having the right Errors & Omissions (E&O) coverage is critical. Collection agencies, in particular, face unique challenges with high E&O premiums due to frequent lawsuits in this industry. Finding a carrier with comprehensive coverage—without costly exclusions or restrictive sub-limits—can be tough. That’s where Cornerstone comes in. Cornerstone provides specialized E&O coverage tailored to protect your agency from claims of negligence or service errors. With our industry expertise and strong carrier relationships, we help you secure coverage that protects your business and reputation without unexpected limitations. Connect with us to explore our customized E&O solutions: https://hubs.li/Q02VVN6v0 #CommercialInsurance #EandO #ARM #FinTech #FinancialServices #CoveredByCornerstone

Think thin credit files = risky customers? Learn the latest way to measure risk and start approving or quoting honest customers you’d overlooked. SynID gives Finance and Insurance fraud leaders the data they really need to: ✔Confidently say yes to good customers with ID challenges ⚡Make real-time decisions without the worry of green-lighting fraudsters 🏆Be the team that safely delivers up to 10% more quotes or approvals See how it can work for you, too ⬇ https://lnkd.in/ej-Kj-9M

Mitigating risk is part of our DNA. Arrowhead Title's thorough title searches and insurance offerings protect both lenders and buyers from unforeseen title issues. #RiskManagement #SafeTransactions 🛡️📑arrowheadtitle.com

I’m excited to share the launch of a new tool, "RATE PREDICTOR for SURETY BONDS"💰 by Surety Seven (007) ! Now, you can instantly find out the rate for surety bonds with just ONE☝CLICK. Simplify your surety bond rate queries effortlessly. Explore it today and experience the convenience! 🚀 #suretybonds #insurance #reinsurance #suretyseven #finance #technology

THE LAUNDRYMAN ALWAYS RINGS TWICE Although readers of my articles know that I became a compliance officer, working exclusively on EDD at a billion dollar investment firm, when I identified a frontman for one of the worst Russian Oligarchs trying to make a fifteen dollar investment, in insurance products, there's an even darker side to that story which deserves attention: The fact that the money launderer behind the client used on of my favorite laundryman tactics when rebuffed by yours truly. It should be always on the minds of compliance officers who identify probable money laundering activity. When a money launderer is stopped at the front door by a gatekeeper, he or she always knows to look to gain entry to a financial institution or NBFI through the back door, and if still denied by compliance, they try what i call the Side Door, somewhere in your system where they can use a loophole to place dirty money. In the case I cited, the laundryman went to my company's Bermuda subsidiary, which had a separate and distinct compliance regime, and placed the money there, knowing that I would never learn of this because, there was a Chinese Wall up between the two entities. Ringing twice means that money launderers, when interdicted by an alert compliance gatekeeper, often seek alternative routes into a financial institution, using the inside knowledge they acquired when engaged in legitimate finance. Remember well that many of them are former bankers, and indeed bank lawyers, themselves, and know operational details which might aid the in their dark operations. Don't count money launderers out just because you have identified them in the act; watch to see whether they will attempt to be successful through other tactics; be alert for this, please.

Earnix Highlights the Potential of Synthetic Data in Specialty Insurance Read more: https://lnkd.in/eWRN4-H2 #SyntheticData #SpecialtyInsurance #fintech #finance #FinancialIT

𝗗𝗼 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝗪𝗵𝘆 𝗧𝗶𝘁𝗹𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗶𝘀 𝗮 𝗠𝘂𝘀𝘁-𝗛𝗮𝘃𝗲. In real estate, ensuring that the property title is clear of any disputes or claims is crucial. Title insurance serves as a safeguard, protecting both buyers and lenders from potential ownership disputes. Let's explore why it’s a critical component of due diligence in property transactions. 𝟭. 𝗨𝗻𝗸𝗻𝗼𝘄𝗻 𝗖𝗹𝗮𝗶𝗺𝘀: Protects against undisclosed heirs, fraud, or liens. 𝟮. 𝗕𝘂𝘆𝗲𝗿/𝗟𝗲𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆: Reduces financial risk for both parties. 𝟯. 𝗟𝗲𝗴𝗮𝗹 𝗖𝗼𝘀𝘁𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱: Covers legal fees in case of disputes. 𝟰. 𝗢𝗻𝗲-𝗧𝗶𝗺𝗲 𝗣𝗿𝗲𝗺𝗶𝘂𝗺: Pay once at closing, with long-term protection. 𝟱. 𝗥𝗲𝘀𝗮𝗹𝗲 𝗩𝗮𝗹𝘂𝗲: Ensures a clean title for easier future resale. Ever faced title issues? Share your thoughts or ask about title insurance for your next deal! 𝗟𝗲𝘁’𝘀 𝗰𝗼𝗻𝗻𝗲𝗰𝘁, 𝗮𝗻𝗱 𝗜 𝗰𝗮𝗻 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗲𝘅𝗽𝗲𝗿𝘁 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝘁𝗼 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝗻𝗮𝘃𝗶𝗴𝗮𝘁𝗲 𝘆𝗼𝘂𝗿 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝘄𝗶𝘁𝗵 𝗰𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲 𝗮𝗻𝗱 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆. #RealEstate #PropertyInvestment #TitleInsurance #RealEstateConsulting #RealEstateExpert #DueDiligence #RealEstateTransactions #InvestmentProtection