Protection against fraud may seem superfluous but hundreds of thousands of registered fraud cases per year prove your company should look into it today rather than tomorrow. But how can you make sure your company doesn’t fall victim to fraud? You can never be 100% sure but the following questions will set you on the right path.

1. Do you pay your invoices via email, fax or phone?

Swindlers often pose as one of your customers or as your regular bank in hopes of cheating you out of large of amounts of money. That is why you should never carry out payments via email, telephone or fax. Still convinced it’s a genuine payment? Then contact your bank or customer before confirming payment.

2. Have you mapped out your company’s fraud risks?

A vulnerability survey reveals a host of useful information: for instance, you discover which types of fraud constitute the biggest risk and what adjustments are needed to safeguard your company against fraud. Safety and quality are the key words to your company’s success: invest in them.

3. Are your computers and payment orders password-protected?

It’s obvious but passwords are nevertheless often forgotten. In theory all computer access should be protected, just like your payment orders. Ideally, the latter are also confirmed by phone by your bank or double-checked via a similar procedure so that a third party cannot influence them.

4. Do you have the right partner at your side?

Protecting your company against fraud is something you can’t do alone. You can take anti-fraud measures of your own but they don’t provide coverage in case of attack. Conversely, Euler Hermes cyber and fraud insurance protects you against the consequences of internal and external fraud as well as cyber fraud . This way you can do business with peace of mind and keep your financial assets safe.

5. Do you revoke the user rights of those staff who leave the company?

Systems and payment rights are just two domains former staff should no longer have access to. Especially in case of dismissal the relationship with the company often comes under pressure so it is important to act quickly. Revoke the rights of staff leaving the company at the first opportunity.

6. Are your staff aware of the risk of fraud?

Last but not least: inform your staff. Even if your company is very well protected, your initiatives in this regard will have little effect if your staff are not up to speed. That is why it is a good idea to remind them of the risk of fraud on a regular basis and to explain what countermeasures you have put in place.

Who is your biggest competitor? It’s not that demanding customer or a multinational corporation that is trying to pilfer your business relations. All forms of fraud are: unforeseen costs, reputation damage and technical unemployment are just a few of the possible consequences. That is why well-considered preventative measures must be put in place. In just four steps you can provide your company with optimum protection from an unseen enemy.

1. Identify your weak spots

You cannot protect yourself against fraud as well as an insurer can. Still, there are quite a few questions you can ask yourself to beef up your fraud protection. For instance, are all your payments double-checked? Are all your passwords replaced at least once every two months? And are former employees automatically denied access to all company systems?

2. Have your fraud risk analysed

Allianz Trade also has a few questions for you to help optimise your fraud insurance. This enables us to identify all the fraud risks and tells us which aspects are crucial to your company. There are as many forms of fraud as there are companies so a risk assessment is indispensable. The result is an insurance policy that is tailored to your business.

3. Validate our bespoke offer

At Allianz Trade we pride ourselves on our personal approach. Our quotations reflect this principle: every offer is fully geared to the needs of your company. We adapt our warranties and premiums to the size and risks of your company and thanks to our hotline our experts are at your beck and call 24/7

4. Pick up where you left off

Now that your insurance policy is in place you can once again turn your focus to what really matters: doing business. Do you have suspicions of fraud anyway? Then contact your insurer immediately. Euler Hermes will guide you through the steps you must take and will indemnify you within 30 days. We will also foot the bill for any costs arising from the fraud.