Fraud isn’t just a financial risk anymore. As technology evolves, so do fraudsters, exploiting every little gap in systems, relationships, and human behaviour. Their playbook is getting longer by the day. But behind every successful fraud case lies a story and a lesson. Why do some schemes succeed while others crash and burn? And more importantly, how can companies stay a few steps ahead?
In recent years, I’ve had numerous discussions and ongoing dialogue about fraud with our large and strategic customers, and together we’ve gathered insights on how to fight back. In this post, I’ll walk through the most common types of corporate fraud, what makes certain cases tick, and what businesses can expect from the next generation of anti-fraud services.
What are the most common types of corporate fraud?
Every business encounters fraud risks, but some are real classics. Financial fraud is still the headliner. Unpaid invoices, fake credit applications, and creative accounting pop up in almost every industry, especially where there’s plenty of credit exposure.
Identity misuse is also growing fast. Fraudsters pose as customers, suppliers, or even employees to sneak into systems or grab confidential data. Then there’s invoice fraud and procurement abuse. These often involve falsified documents or friendly cooperation between someone inside and someone outside the company. Internal fraud, like unauthorised transactions or misuse of access rights, can be even trickier to catch without automation. And of course, regulatory breaches such as missed sanctions screenings or flawed PEP checks can lead to both financial and reputational pain.
The best anti-fraud services tackle all of this with real-time alerts, multi-source verification, and automated decision-making that doesn’t let criminals slip through the cracks.
What are the elements of successful fraud cases?
Every successful fraud case has one thing in common: something new. A clever twist that no one saw coming. Maybe it’s a manipulated victim, a hidden connection, or a technical shortcut that dodges existing controls. Innovation isn’t just for the good guys: in fact, criminals can often be a lot faster and more flexible in their ways. Criminals don’t care about legislation and rules, and they don’t need to spend time allocating resources. This often leads to new forms of fraud that most of us didn’t see coming.
End users often play a surprising role. Many cases start with shared or stolen BankID’s, sometimes within families or through romance scams. In some cases, victims even commit fraud unknowingly, manipulated by someone they think they trust.
Identity theft is a long-time favorite, especially when stolen funds are laundered through cryptocurrencies. High-value goods like smartphones are another popular target since they can be flipped quickly for cash. Even mortgage fraud still happens, often hiding in plain sight when loans are technically repaid on time. These types of loans might involve a risk that has not been priced correctly.
There are often warning signs: unusual transactions, prepaid phone numbers, suspicious email addresses, or gaps in personal data. Criminals constantly test automated systems to find the weak spots. That’s why manual reviews still matter. A careful check of income, customer inputs, expenses, or dependents can reveal what algorithms miss.
How smart companies fight back today?
Modern fraud prevention is a mix of technology, data, and human intuition. Most companies use transaction monitoring tools for AML to track payments in real time. Application fraud and account takeovers are tackled with solutions that look at device fingerprints, customer inputs and behavior patterns. Internal audits still play a big role too. Many organisations build custom systems to analyse large datasets, adjust parameters, and react fast when something looks off.
The real challenge is balance. Fraud detection needs to be tight, but the customer experience must stay smooth. The winning formula is clear: automation, AI and human oversight working together. Machines catch the patterns; people catch the stories.
What’s next for anti-fraud services?
To stay ahead, anti-fraud work needs to evolve — not just the tools, but the teamwork. Closer cooperation with authorities and industry peers should be standard practice. Sharing insights helps everyone spot new patterns early and react faster.
Inside companies, detailed case reviews still matter. Analysing contact data, order histories, and application ratios helps to pinpoint the weak spots. And while false positives might not top the KPI list, tracking them keeps systems efficient and teams sane. Future success metrics will focus more on credit losses in euros and fraud case volumes relative to portfolio size.
Continuous staff training is essential too, especially around emerging scams like romance or family-related fraud. And let’s not forget the banks. Closer collaboration, joint training, and shared trend analysis could take fraud detection to a whole new level. Fraud isn’t something that can be fought alone, but together we can minimize the risks and effects of this tricky problem.
AUTHOR
Teemu Välilä is a Product Owner with a focus on positive credit data and fraud prevention within the financial services industry. With over 17 years of experience spanning banking, fintech, and credit information services, he has successfully led teams across customer service, sales, and operational development. Teemu brings deep expertise in AML, customer onboarding, and automated credit decisioning, and has implemented systems and processes that strengthen regulatory compliance while enhancing the customer experience.
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