How has business fraud evolved over recent years?
Henk: Business fraud is becoming increasingly difficult to detect – especially with the rise of social engineering schemes that are reinforced with AI. Social engineering is a fraud tactic that exploits human tendencies such as trust, rather than technical vulnerabilities in computer systems or networks, in order to trick people into sharing sensitive data or transferring money.
Riccardo: The cases we see are also becoming more sophisticated as criminals use technology to exploit weaknesses in companies’ verification processes. Take scam emails purporting to come from a trustworthy source: since AI can now replicate convincing visuals and language, this type of fraud is becoming both more common and more difficult to spot.
What are the biggest B2B fraud trends in 2026?
Henk: One of the biggest developments is the use of deepfakes to impersonate trusted individuals. By replicating someone’s voice or appearance, criminals can make fraudulent requests seem authentic, taking advantage of trust, perceived authority and vulnerabilities in internal procedures.
Riccardo: Yes, and because of advances in technology, business fraud is increasing in both frequency and severity. It's one of the most significant trends we’re seeing, especially when it comes to impersonation scams – where fraudsters might pretend to be someone you know, like your existing customer, and ask for a high credit limit. Then the goods are shipped to an unusual delivery address and are never paid for.
Henk: We're also seeing more and more cases of “CEO fraud,” where criminals use AI to impersonate executives via calls, text messages or emails to give false payment orders and redirect large sums to fraudulent accounts.
What do you wish more people understood about business fraud?
Henk: There’s a misconception that when it comes to business fraud, the perpetrators are mostly external to the company. Actually, more than 65% of the amount of claims we pay out are related to internal fraud. People also underestimate the cost of this kind of scam. The financial losses are higher in these cases than for external fraud, because internal fraud tends to remain undiscovered for longer periods and occur repeatedly rather than being a one-off activity.
Riccardo: Businesses also often underestimate the full impact of fraud. Beyond the immediate financial losses, it can lead to significant additional costs, including legal expenses and non-financial losses like reputational damage.
Allianz Trade recently started offering Fidelity insurance in the Mediterranean, Middle East, and Africa (MMEA) region and Northern Europe (NEUR). Can you explain what Fidelity insurance is?
Henk: Even with strong internal processes and prevention measures, businesses can fall victim to fraud. Fidelity insurance is designed to help them recover from direct financial losses and, depending on the policy, certain associated costs. The exact coverage can be tailor made to the risks a business faces and the protection it needs.
Riccardo: Some of the main risks covered by Fidelity can include embezzlement, social engineering, CEO Fraud, fake-buyer and payment-diversion fraud. These risks aren’t covered by trade credit insurance (TCI), which protects businesses in the event of non-payment by legitimate customers. These two products address different types of risk but are highly complementary.
Looking ahead, how can companies prepare to protect themselves against fraud?
Henk: Businesses need to ensure employees can recognize emerging threats, including CEO fraud, deepfakes, voice and video cloning and identity theft. They should combine an employee awareness strategy with robust internal controls and appropriate financial protection.
Riccardo: I agree – the human factor is always the weakest link, so employee awareness through training, and adapting internal procedures, are paramount. Beyond that, it’s important to seek protection with an insurer that acts as a risk management partner. At Allianz Trade, we combine global-level capabilities with local expertise to help businesses understand their exposure and build a strategy that reflects their specific needs.
