Financial Institutions Fraud Assurance

Protect yourself against fraudulent acts.

Fraud has been on the rise for several years now, fuelled in particular by the dematerialisation of exchanges, the ease of access to information about companies, their directors and employees on the Internet and social networks, and the use of increasingly sophisticated methods by fraudsters.

Fraud represents a major risk for all financial institutions, to which managers must respond by implementing prevention and detection tools as well as internal procedures.

What are the risks?

Whether perpetrated by a manager and/or an employee (internal fraud) and/or by a third party (external fraud), fraud can have extremely serious consequences for financial institutions:

Damage to the company's future and image
The company may be held liable for the actions of its employees, or even for the actions of its directors in the event of mismanagement, etc.)
Financial risks: fraud, whether committed once or on an ongoing basis, can lead to heavy financial losses and additional costs for the company in dealing with the incident.

Taking out a ‘FRAUD’ insurance policy is an additional way of protecting the company when it is the victim of internal or external fraud, whatever the modus operandi (IT or not).

The guarantees apply in the event of:

Internal fraud

(as defined in the contract*), relating to the insured property committed by certain managers and/or employees for the purpose of personal enrichment *Guarantees only apply to fraudulent acts expressly listed in the policy.

External fraud

(as defined in the contract*), relating to the insured property committed by a third party for the purpose of personal enrichment. *Guarantees only apply to fraudulent acts expressly listed in the policy.

What are the main garantees ?

Guarantee for direct financial losses suffered by the insured in the event of internal or external fraud
Guarantee of costs incurred by the insured in the event of internal or external fraud:

Additional operating costs incurred by the insured for the restoration of normal operating conditions for its activity (rental costs of replacement equipment, transport costs of materials and documents, costs of additional labor and overtime, costs of using a subcontractor or an external service provider)
Costs and fees of an expert mandated by the insured to determine the circumstances of the fraud and the amount of financial damage
Costs of appeal and amicable or legal proceedings against the author(s) of the fraud in order to obtain total or partial reimbursement of the loss
Loan interest (debtors incurred or credits not received by the insured) due to fraud

Discover our market analysis

In 2024, the fraud insurance market remains complex, with increasing demand in the face of the continued increase in internal and external fraud. Payment scams, identity theft and email compromise (BEC) fraud are on the rise, prompting businesses to seek enhanced protections. In response, insurers are adopting increased vigilance when underwriting, particularly for high-risk sectors such as financial services and large multinational companies.

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