What types of fraud are covered by fraud insurance?

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Our Cyber & Fraud Cover insurance protects you against three types of fraud: 

 

Internal fraud

Internal fraud is perpetrated by one or more of your members of staff. Common examples of internal fraud include: 

 

  • Payment of false invoices to a personal bank account
  • Theft of office equipment
  • Purchasing inappropriate business gifts
  • Using company funds to buy goods for personal use

 

This type of fraud is very common. Procedures in many businesses are often based on trust and internal control systems may not yet be sufficiently robust. Losses can severely affect the financial health and standing of the business.  

 

External fraud

External fraud involves the theft of money or stock by persons outside the business.  Examples of external fraud include:

 

  • Identity theft: most commonly, of the CEO and CFO
  • Falsifying invoice details (altering the payee’s account number)
  • Falsifying order details, so that goods are delivered to the wrong destination
  • Impersonating a person’s voice or forging their signature
  • Falsification of emails

 

With the latest generation of fraudsters, the number of external fraud cases has exploded in recent years.

 

Cyber fraud

Cyber fraud and data theft:

 

  • A cyber-attack installs a virus on your computers and renders them unusable
  • A phishing email tricks users into betraying confidential passwords, which are then used to commit fraudulent acts on the victim’s IT system

 

In the last 24 months, 52% of Belgian businesses were the victims of cyber-attacks. Technological advances, the increasing amount of data requiring protection and the sharp rise in social media use are making businesses more vulnerable to cybercrime. 

Protect yourself against fraud

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Your business could be hit by fraud. External fraud involves the theft of money or stock by persons outside the business. Internal fraud is fraud perpetrated by your staff. Cyber fraud can be either internal or external. Your policy covers you against internal, external and cyber fraud. Subscribing to a fraud insurance limits your exposure to direct and indirect financial losses. If you are victim of fraud, our team of specialists will take charge of the situation and provide you with bespoke assistance.