Recognising financial fraud — from investment scams to invoice fraud

Financial fraud: a threat that spares no business

Financial fraud has many faces and affects organisations of every size — from the sole trader who falls victim to invoice fraud to the multinational that loses millions to a sophisticated investment swindle. Wijzer in Geldzaken (Wiser with Money), an initiative of the Ministry of Finance, warns that financial fraud is increasing and that methods are becoming ever more professional.

The damage extends beyond direct financial loss. Businesses that fall victim to fraud face operational disruptions, loss of client trust and in some cases legal liability when they have taken insufficient measures. The Fraudehelpdesk registers thousands of reports annually from businesses confronted with financial fraud.

A professional corporate fraud investigation helps map the extent of the fraud, identify the perpetrators and collect legally admissible evidence for criminal law, civil law or director liability.

The most common forms of financial fraud

Financial fraud manifests in various forms. The following methods occur most frequently in Dutch practice:

• CEO fraud where criminals impersonate directors to order urgent transfers
• Invoice fraud using false invoices with altered supplier account numbers
• Investment fraud via platforms promising unrealistically high returns
• Internal embezzlement by employees systematically diverting funds
• Supplier fraud through invoicing for undelivered or overstated services
• Subsidy fraud by providing incorrect information to obtain grants

ConsuWijzer advises businesses to be extra vigilant with unexpected payment requests, changes in supplier bank details and offers that seem too good to be true.

Red flags: when should you be alert?

The following signals may indicate financial fraud within or against your organisation:

• Unexplained discrepancies in booking entries or missing documentation
• Employees who never take holidays to avoid scrutiny of their work
• Lifestyle that does not match the employee’s salary
• Resistance to audits, controls or questions about financial processes
• Unexpected changes in supplier bank details without verbal confirmation
• Payment requests accompanied by unusual urgency and secrecy

How SAJ Recherche investigates financial fraud

At SAJ Recherche, we conduct financial fraud investigations aimed at establishing the facts, determining the extent of damage and collecting legally admissible evidence.

• Forensic financial analysis of payments, invoices and transaction patterns
• OSINT and background investigation of suspect persons and entities
• Structured interviews with involved parties to obtain statements
• Digital evidence analysis of forged emails, documents or system access
• Reporting suitable for criminal charges, civil proceedings or disciplinary action

All work is conducted under POB licence 8779, in compliance with the Wpbr and GDPR.

Practical example: structural invoice fraud at construction company

A construction company engaged SAJ Recherche after a new financial controller flagged supplier irregularities. Our investigation uncovered collusion between a project manager and a subcontractor: invoices were drawn up for work never performed or significantly overstated, with payments partially channelled to the project manager’s private account. Forensic analysis showed the scheme had run for over two years, causing substantial cumulative damage. OSINT revealed an undisclosed personal relationship between the two parties. Based on our report, the company dismissed the project manager, filed a civil damages claim and reported the matter to police.

Prevent financial damage — act when in doubt

Financial fraud is often only discovered when the damage is already substantial. The sooner you act on suspicions, the greater the chance of recovery.

Suspect financial fraud within or against your organisation? Contact SAJ Recherche for a confidential consultation.