There are over 160,00 registered charities in England & Wales representing causes from aid, education, welfare, professional institutions, religious bodies, arts, research, housing and many more.
Fighting fraud for Charities
Charities are becoming increasingly vulnerable to fraud with data suggesting potential losses into the billions every year. Although on average individual losses tend to be lower than in other industries, not- for -profits have been hit hard by Covid-19 and every penny lost is detrimental to the cause.
In an industry where fraud is most likely to be committed by insider fraud, charities are also facing greater risks from cybercrime, procurement fraud and financial statement fraud.
A recent report from the Fraud Advisory Panel recognised over two thirds of charities (69%) think fraud is a major risk to the charity sector, however less than 10% have a fraud training programs and overall awareness remains low.
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