Fraud Report Benelux 2023

Companies more likely confronted to fraud!

Allianz Trade Benelux conducted this year a new survey in the Benelux via the independent research company Metrixlab to gather insight into the current situation regarding fraud in the business world.

It shows that Belgian and Dutch companies are more frequently victims of fraud and scams: 79% of companies have experienced fraud attempts in the last 2 years.

Do you want to know all the results of this study? Fill in the form and we will send the complete research report directly to your mailbox!

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:

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.

Fraud is often committed by employees

Your own employees can also be responsible for the fraud. Think of products that are simply set aside and then taken when they leave. Or money that is transferred to one's account or taken from the cash register. Or family, friends and acquaintances who unfairly receive a discount.

The employee can also create fake invoices for non-existent suppliers. Even more drastic is when one's employee sells or passes on confidential company information to a competitor.

External fraud looks like ‘business as usual’

Invoice fraud is one of the most common frauds. Invoice fraud involves companies receiving a false bill for goods or services that were not delivered. Often the scammer uses the identity of regular suppliers of the company for this purpose.

The fake invoice is almost indistinguishable from the real thing. The amounts on the fake invoices are usually not too high. As a result, it takes a lot of time to figure out that they are false. The scammer bets that the fake invoice won't stand out in the daily stream of invoices and will be paid automatically.

Protect your company against fraud

Did your company already experience one or several fraud attempts? Not yet? It will soon!

With our fraud insurance, you protect your company against financial losses due to internal fraud and external fraud. You will surely also have extra costs to limit damages such as legal costs. Good news! In addition to the financial losses, these costs are also included in our fraud insurance.

More information about our fraud insurance