Fraud protection
Coffr stands behind every recipient we verify.
$5 million in insurance-backed protection. Here is exactly what that covers and what it doesn't.
What does the guarantee actually cover?
If you verify a recipient through Coffr and send a payment to the account Coffr verified, and that payment still goes to a party the verification did not identify, Coffr covers the loss. Up to $5 million per confirmed event.
Won't my bank or insurance cover this already?
Usually not. Your bank followed the instructions you gave it, so it treats the loss as yours. Most cyber and crime policies cap social engineering fraud around $250,000, and many crime policies exclude it entirely under a voluntary parting clause, since the funds were sent willingly, just to the wrong account.
So every fraud loss is covered?
No. The guarantee applies when you verify the recipient through Coffr and pay the account Coffr verified.
Covered:
- You verify the recipient through Coffr.
- Coffr confirms the company, the people, and the account.
- You send the payment to the account Coffr verified.
Not covered:
- You verify the recipient through Coffr.
- The vendor emails you different bank details.
- You send the payment to the emailed account instead.
The verification only protects the payment it was issued for.
What if the vendor takes the money and doesn't deliver?
That isn't covered. Coffr confirms the money reached the party you verified. Disputes between legitimate counterparties are between you and them.
Does this cover every payment we send?
It covers payments to recipients you've verified through Coffr. Once a recipient is bound, payments to that account are covered. Recipients you haven't verified aren't.
How can you afford to offer this?
The protection is backed by insurance capacity from AAA+ carriers, written for this platform.
What is the most you'll cover?
$5 million per confirmed event.
How do I make a claim?
There is a defined claims process and a notice window. Both are in the full terms, linked below.
The full terms, including the claims process and the notice window, are in the Terms of Service.