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why-take-out-fraud-insurance

Why take out an insurance against business fraud?

Technological advancements, the growing amount of data to protect and the surge in social media use make companies more vulnerable to fraud attacks.

CEO-fraud and identity fraud, where fraudsters pose for examples as customers or suppliers, are a growing threat to companies. It's time to take action!

Find out on this page why your business can no longer do without fraud insurance.

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Discover below the 10 main reasons to take out fraud insurance:

According to our latest study on business fraud in the Benelux, Belgian and Dutch companies are becoming victims of fraud and scams more frequently. 79% of companies have suffered fraud attempts over the last two years compared to 51% during the previous year's survey.

DOWNLOAD HERE OUR FRAUD TREND REPORT

Fraud exists in all businesses and no sector of activity is spared. Whether you are an SME or a large company, you are not immune to one or more fraud attempts and these can have serious consequences for your business.
Since the crisis of the coronavirus, the increase in remote work offers fraudsters additional opportunities. Employees are more vulnerable at home. They don't have colleagues near to them for advice in a doubtful situation.
Your own employees may also be responsible. There are thousands of white-collar criminals every year. According to our study, 52% of companies have been victims of embezzlement of money or goods by employees.
Contrary to popular belief, the most common external fraud is not the cyberattack. It is the identity fraud that outpaces all other forms of external fraud. There are different types of identity fraud like the fake buyer fraud, fake supplier fraud and CEO-fraud.
Perfectly hidden and generally discovered very late, fraud inevitably leads to heavy financial losses. According to our study, 50% of companies suffered a loss of up to €50,000, 25% a loss of between €50,000 and €100,000 and 25% a loss of between €100,000 and €1 million.
Even companies with strong internal controls are vulnerable to fraud. A large portion of reported fraud comes from well-intentioned employees who have been deceived by fraudsters. Vigilance is required. A single mistake on the part of an employee and everything can change.
To the extent that company directors are obliged to implement all necessary measures to protect the interests of shareholders, they may be held liable if they have not secured the company's assets with a fraud insurance.

A cyber ​​insurance does not protect companies against digital fraud. It only protects against damages caused to the system by a cyberattack, the responsibility and the damages to the business continuity.

For example, damages caused by a false invoice that a fraudster sends by email is not covered by cyber insurance.

A fraud insurance protects companies against damages caused by internal and external fraud. Companies with fraud insurance are three times more likely to recover at least 60% of their financial losses than uninsured companies, which recover less than 20%.

Protect your business from fraud

Vul onderstaand formulier in voor meer informatie of het maken van een vrijblijvende afspraak. Wij nemen binnen 2 werkdagen contact met je op.

Has your company already suffered one or more fraud attempts? Not yet? The question is not if it will happen but when it will happen! Protect your company now!

With our fraud insurance, you protect your company against financial losses due to internal and external fraud. It also covers expenses to mitigate damages such as legal proceedings costs.

Do you want more information or a tailor-made offer? Contact our team through this form. Our experts will be pleased to help you. You can also call us : 02 790 24 15