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The world has changed. There is a lot of money circulating in the virtual world in bits and bytes and yours can be stolen, re-routed or otherwise taken from you.

Coincidentally, if you never thought the internet could hurt you, think again. Many insurers are quickly leaping on the bandwagon to exclude “virtual currency” and other internet transactions where your money is skillfully taken from you.

Bitcoin, cryptocurrency or digital currency by any other definition can be transferred, stored or traded electronically and often there is someone out there who is trying to waylay your transaction for their own enrichment.

If your business has crime coverage, make sure you have coverage for transactions involving virtual currency, employee theft and/or Fund Transfer Fraud coverage to name two. There are a slew of additional coverages available as well for such things as fraudulent impersonation of employees, customers and vendors.

Charles T Barnes, CIC

President – Ten Eyck Group
Posted 4:26 PM  View Comments

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