Protect your business against fraud during the holidays!

For several years, frauds and scams in companies have been on the rise. And the holiday period can offer rich pickings for fraudsters. Criminals take advantage of the absence of managers or temporary breakdowns of controls to make their fraud attempts succeed. Discover here our tips to reduce the risk of fraud during your holidays.

Technological advances, the increasing amount of data requiring protection and the sharp rise in social media use are making businesses more vulnerable to fraud attack. CEO fraud and false identity fraud with fraudsters posing as customers or suppliers are a growing threat to businesses.

Our study about business fraud in the Benelux in 2023 showed that:

  • 79% of companies have experienced fraud attempts in the last 2 years compared to 51% in last year’s survey.
  • 52% of companies have been victims of theft of money or goods by employees and 45% of invoice fraud by third parties.
  • For the ½, the damage amounts up to 50,000 euros. ¼ suffered a loss between 50,000 and 100,000 euros and ¼ a loss between 100,000 euros and 1 million euros.

The holiday period can offer rich pickings for fraudsters. Criminals take advantage of the absence of managers or temporary breakdowns of controls to divert funds and put your cash flow in danger. However precautions can be taken, because it is often the human factor – naivety, in short – that allows fraudsters a way in.

Five tips to reduce the risk of fraud during the holidays:

1. Familiarise your staff with the most frequent risks

Urgent instructions in an unsolicited phone call or email, sudden orders for large quantities with no haggling over the price, changes of a supplier’s bank detail or a customer’s address, a payment reminder for a bill you’ve already paid: these behaviours should alert you, so don’t just check, double-check.

2. Set up standardised out-of-office message

If you are in a decision-making role, your out-of-office message can give precious clues to fraudsters, who will then try to impersonate you while you are away. Make sure you don’t give away too much detail such as the date of your return.

3. Use a code word to prevent identity theft

Agree on a secret code word, or a precise answer to an everyday question, with your back up or secretary. If they receive an instruction that purports to come from you, they will then be able to confirm whether it really is you or not.

4. Keep the double signature principle for payment orders even during holidays

The person acting as the second signatory has an outside view of the transaction and will be able to detect fraud more easily.

5. Draw up a crisis plan to follow in the event of fraud

Communicate the plan to all your staff before the holidays begin. Include an emergency contact number, which should be posted all over your premises.

Whether the fraud is committed inside your company or by an external third party, the financial losses can have a major impact on the company. With our fraud insurance, you will protect your company against financial losses incurred by most cases of fraud.


Contact our team for a customized solution. Our advisors will be happy to help you.