Last year Cifas reported a 57% increase in fraud, with 88% of this occurring online. The total cost of fraud to the UK stands at £144 billion, and the estimated cost to the charity sector is £1.9 billion. This is money that’s ending up in the hands of fraudsters rather than charities and the causes they serve.
It’s not right that the cost of fraud is spiralling out of control. It’s not right that people and businesses are being stung by scams.
It’s time for a change. It’s time to fight back.
Yoti is a business, but we believe Yoti can be a force for good to help millions of people around the world. We’re a company on a mission. We’re built on principles of transparency and trust and want to help people use our technology to make it quicker, easier and safer for people to prove who they are and know who they’re dealing with.
As part of our social purpose work, we use our financial, people and physical assets as a force for good. So we are very proud to be supporting the Charity Finance Group’s Counter Fraud Campaign. The campaign aims to help charities be aware of the different fraud risks and how they can protect themselves against these. We’re delighted to have signed the Counter Fraud pledge – pledging that we will take active measures to help prevent and combat fraud.
Knowledge is power. Being aware of the different types of fraud and the potential warning signs is the first step to help protect your charity:
The risks of fraud do not just come from external sources though. Last year the Charity Commission revealed that more than a third of fraud incidents reported by charities were committed by staff, trustees or volunteers.
Professor Mark Button, counter fraud expert says that typically smaller charities are targeted by fraudsters because they have fewer internal checks in place and fewer resources (both time and people). This means that one person could be in charge of all of the finances for the charity, making it far easier for a fraudster to cover their tracks. Internal fraud risks include:
As a supporter of the Counter Fraud Campaign, we’re proud to be fighting back to tackle fraud together.
If you’ve got a question about how Yoti can help your charity, please get in touch.
#CFGfraud #ItsNotRight #CharityFraudOut