Did you know that, according to accountancy and business advisory firm, BDO:
- The total reported U.K. fraud value is £2.3 billion this year
- The number of high value frauds increased by 60% in 2023 and 104% on 2022
- An increase in the use of technology has expanded the scale, reach and impact of cyber-enabled frauds, leading to large increases in reported online scams throughout 2022 and 2023
- London & the Southeast was the number one hot spot for reported fraud in 2023
- BDO FraudTrack data analysis is based on all reported fraud cases across the UK with a monetary value of over £50,000 from 1 December 2022 to 30 November 2023.
Business fraud is increasingly becoming a concern, and employees can present significant risks to your organization. It is crucial to acknowledge this threat while balancing the necessity for trust with measures that safeguard your business assets. Allianz Trade’s business fraud insurance offers comprehensive coverage, retroactive protection, straightforward policy wording and adaptable limits.
Spying on internal company matters, data theft, deliberate sabotage, and financial fraud are serious threats that can lead to significant financial losses. Social engineering is increasingly prevalent; it involves the manipulation of employees through identity misuse to carry out unauthorized financial transactions. A company must recognize that its trust in employees can be easily exploited. Time and again, rogue individuals—whether they are internal staff or external actors—can inflict harm through fraud, embezzlement, or data manipulation. It is essential for companies to remain vigilant and enforce stringent security measures to protect against these risks.
Allianz Trade’s business fraud insurance compliments a trade credit insurance policy where buyer impersonation and fraud is generally excluded from cover. Have a look at FinCred’s top tips for protecting your business against fraud here.
Here’s why it’s worth speaking to FinCred about business fraud insurance from Allianz Trade:
- Covers you against losses caused by your own employees, external workers and temporary staff as well as lawyers, tax consultants and auditors working for your company through theft, fraud, embezzlement or damage to property.
- Covers against losses due to certain types of social engineering, i.e. fraud committed by assuming a false identity, such as fake president fraud.
- Covers you against certain losses caused by third parties through acts of robbery, theft and fraud.
- Covers costs for the continuation of business operations up to six months after the occurrence of the event of loss.
