How are companies organised to combat document fraud?

In 2024, Finovox conducted a study in partnership with Selvitys to highlight the impact of document fraud on businesses. Carried out among 300 fraud managers in various establishments, the study also illustrates the defence strategies adopted by companies. While more than 80 % of them are strengthening their defences, how are they actually combating fraud? From direct financial losses to expanding anti-fraud units, find out how companies are organising themselves to counter this threat.

To find out more about our study, we have written an initial article on key figures for document fraud in companies !

Document fraud: a growing threat

During the study, more than 80% companies interviewees noticed a increase in fraud in recent years. 

This phenomenon is particularly visible in high-risk sectors such as insurance, banking and transport. Fraudsters exploit loopholes in verification systems to gain undue monetary advantage. 

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

• There bank : 47,27 % of banking companies report a significant increase in documentary and behavioural fraud.
• Insurance : 26 % companies report a marked increase, particularly in the claims fraud.
• Transport and logistics : 53,33 % of companies are observing an increase in fraud, particularly in the area of falsified invoices and behavioural fraud (phishing).

The impact of fraud on sales: a direct financial penalty

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

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

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

These losses can accumulate rapidly. They then affect the profitability and financial stability of the company, particularly in low-margin sectors such as transport and logistics.

Organisation of the fight against fraud: expanding anti-fraud units

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

In 2024, 86 % of companies surveyed said they had an anti-fraud unit. However, this proportion varies considerably depending on the size of the company.

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

Want to find out more? Set up an in-house anti-fraud unit

The best organised companies, particularly in the bank (96 %) and theinsurance (100%), not only have fraud management units, but they often have more than one employee. 20 specialist employees ! 

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

Document fraud is on the rise, forcing companies in all sectors to review their defence strategies. 
By investing in specialised units and appropriate tools, they can protect themselves against major financial losses! 

To find out more about our tools for combating document fraud, ask our experts for a demo.