Source of LoC fraud ‘external to company’: Vesttoo
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Source of LoC fraud ‘external to company’: Vesttoo

Aisling Finn
August 16, 2023
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Embattled ILS InsurTech Vesttoo has said its investigation into fraudulent letters of credit (LoCs) used as collateral in the company’s transactions is in “advanced stages” and that it hopes to be able to publish results “in the near future”.

It said its investigation had already confirmed that the source of the fraud is external to Vesttoo, and that “no employees of Vesttoo UK, US, Bermuda, Japan or other jurisdictions outside of Israel are under any suspicion of being...

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Aisling Finn
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