Business frauds and scams are on the rise
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:
More fraud attempts during holidays
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
2. Set up standardised out-of-office message
3. Use a code word to prevent identity theft
4. Keep the double signature principle for payment orders even during holidays
5. Draw up a crisis plan to follow in the event of fraud
Protect your company against fraud
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.