How are businesses organizing themselves to fight document fraud?

In 2024, Finovox conducted a study in partnership with Selvitys to highlight the impact of document fraud on businesses. Conducted among 300 fraud managers in various institutions, the study also illustrates the defense strategies adopted by companies. If more than 80% of them strengthen their defences, how do they effectively fight fraud? Between direct financial losses and expanding anti-fraud units, discover how companies are organizing themselves to counter this threat.

To find out more about our study, we wrote a first article on The big figures of document fraud in businesses !

Document fraud: a growing threat

During this study, more than 80% of businesses interviewees noticed a increase in fraud in recent years.

This phenomenon is particularly visible in high-risk sectors, particularly insurance, banking and transport. Fraudsters exploit weaknesses in verification systems in order to benefit from unfair monetary advantages.

Among the sectors most affected by document fraud, the study identified an increase in fraud in the following areas:

• La bank : 47.27% of banking firms are reporting a significant increase in documentary and behavioral fraud.
• Insurance : 26% of businesses report a marked increase, especially in claims fraud.
• Transport and logistics : 53.33% of businesses are seeing an increase in fraud, especially in terms of falsified invoices and behavioral fraud (phishing and phishing).

The impact of fraud on turnover: a direct financial penalty

The financial impact of fraud on businesses is often misunderstood or underestimated. According to our study, 50% of businesses Aren't not in a position to accurately assess this impact.

However, among those who have visibility on the impact of fraud on their turnover:

• 23% believe that fraud impacts between 1% and 5% of their turnover.
• 13% estimate that the losses due to fraud are between 5% and 10% of their turnover.

These losses can add up quickly. They then affect the profitability and financial stability of the company, especially in low-margin sectors such as transport and logistics.

The organization of the fight against fraud: expanding anti-fraud units

La size of the company plays a crucial role in setting up structures dedicated to the fight against fraud.

In 2024, 86% of businesses Interviewees say they have an anti-fraud unit. However, this proportion varies considerably depending on the size of the business.

• Businesses of more than 100 employees : 91% have a team dedicated to fraud.
• Businesses between 51 and 100 employees : 78% have such a cell.
• Businesses of less than 50 employees : only 60% have a dedicated structure, which exposes them more to uncontrolled risks.

Need to learn more? Set up an internal anti-fraud unit

The best organized companies, especially in the sectors of bank (96%) and of theinsurance (100%), not only have fraud management units, but these often include more than 20 specialized collaborators !

For more information on the subject: What are the 4 advantages of deploying an anti-fraud plan for a fintech?

Document fraud, which is on the rise, requires companies in all sectors to review their defense strategies.
By investing in specialized units and adapted tools, they protect themselves against significant financial losses!

To learn more about tools to fight document fraud, ask our experts for a demo.

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