Wednesday 30th May, 2012
According to the National Fraud Authority's (NFA) annual fraud indicator registered charities are estimated to lose £1.1bn to fraud, which equates to 1.7% of their annual income for 2010/11. The types of fraud range from false invoices and purchase orders to misuse of charity bank accounts. Although the vast majority of those surveyed believed their organisation take effective measures to prevent fraud, just under 4% reported that they had detected payment fraud by employees and volunteers from 2010 to 2011. The impact of fraud for these organisations can go beyond finanacial loss potentially damaging for relationships between staff, volunteers and other stakeholders. Read more.