Report says better counter-fraud processes could save £659m
Not-for-profit organisations who “operate on a shoe string” could save more than £659m in the next two years by implementing better counter-fraud processes, according to a report by accountants BDO and the Centre for Counter Fraud Studies at Portsmouth University.
The report, Minimising Fraud and Maximising Results for Charitable Purposes, published this week, highlights savings that could be made by improving deterrents and anti-fraud processes.
Jim Gee, director of counter fraud services at BDO, says: “With many charities and other not-for-profit organisations operating on a shoe string budget it can be difficult for them to allocate extra resources to improving counter-fraud measures.
“However, with the cost of fraud in the sector estimated to be running at some £1.65 bn annually, and the reasonable expectation of recovering as much as 40% of this in a two year period, the benefit of careful investment to strengthen counter fraud arrangements could far outweigh the cost."
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