The Charity Commission is calling for charities to better protect themselves against fraud and financial crime. This is in response to the National Fraud Authority's (NFA) latest report. The Annual Fraud Indicator shows that charities estimate that they lose 1.7 per cent of their annual income to fraud, the most common areas being payment fraud, fraud by employees or volunteers and cyber fraud.
The Charity Commission has published its new strategy for dealing with fraud, financial crime and financial abuse. It has stated that the ‘aim of the strategy is to prevent problems from occurring in the first place by alerting charities to the risks of fraud and financial crime and by providing online guidance to help them to manage these risks’.
The Charity Commission has also produced a Compliance Toolkit to help charities manage the risk of fraud.