About identity theft, inappropriate promotional gifts and voice fraud: these are the types of fraud that may affect your company

Hundreds of thousands of fraud cases are reported every year. But just as no two companies are identical, every case of fraud is also unique. Everyone is familiar with cyber fraud but did you know that your company is vulnerable to other forms of fraud as well?

Are you aware of your company’s fraud risks and how to prevent them?

CONTACt US today

1.         External enemies

Stolen funds and property by outsiders: the number of cases of external fraud has skyrocketed in recent years. Intercepting and forging invoices and orders are a popular form of fraud but email, signature or voice fraud are no exception either.  In extreme cases the fraudster assumes the identity of the CEO or CFO to collect payments in their place.

2.         The enemy within

Not all fraudsters come from outside the company. 37% of all fraud cases are the work of in-house staff. Just think of the theft of office supplies or the purchase of inappropriate promotional gifts. Using your ties with the company for private purposes is one example of internal fraud. Other textbook examples include having the company make fictitious payments on one’s own account or making private purchases in name of the company.

3.         All corners of the globe

Cyber fraud remains the most widely known form of fraud. Just think of cyber attacks where hackers install a virus to lock your computer files. Or phishing mails to obtain confidential passwords in hopes of committing fraudulent acts in your company systems.

In the last two years more than half of all Belgian companies have fallen victim to cyber fraud. The advancing digitalisation and the increasing use of social networks only make your company more vulnerable to cyber criminality. This means that optimum protection is not an unnecessary luxury.

I want to discuss fraud prevention in my company

Contact our experts today What is cyber and fraud insurance?