Financial crime is becoming an ever more present risk with fraudsters sending out a high number of phishing emails to personal and business email addresses every day. These take many formats, perhaps a supposed supplier apparently changing their bank details or an email purporting to be from your CEO requesting an urgent payment.
Telephone based fraud also continues to increase in its sophistication, with charitable organisations continually being targeted.

We strongly urge our clients to have measures in place to protect against scenarios like those above however if the worst happens, you need to know you are appropriately protected to recover from the loss – this is where we can help. We have worked proactively with market leading financial lines insurers to ensure that we are providing elements of Financial Fraud and Cyber Crime cover as part of our minimum recommendations to charity clients.

Claims example 1: Impersonation

A charity became a victim of third party fraud when a fraudster called a member of the finance team impersonating a bank representative. The victim was persuaded that their account had been compromised and handed over financial information allowing the fraudster to remove several hundred thousand pounds from their account.

Claims example 2: Third Party Fraud

A third party ordered merchandise from a charity, however following the order being placed the third party contacted the charity to say they had accidentally overpaid by a substantial amount. The third party requested a refund from the charity. The charity checked and could see the overpayment (made via a cheque) so refunded the difference. It transpired the third party had cancelled the cheque and recalled all the funds. By the time this was discovered by the charity they had already made a funds transfer and they were unable to stop the payment.

Please get in touch with a member of our charities team to discuss this in more detail.

Tips to prevent fraud

  • Make sure that you have a policy in place to include dual signatory/authorisation of cheques/BACS payments
  • Avoid giving or accepting payment instructions via telephone or email and verify all requests with a call back procedure to confirm identity
  • Always speak to the individual who has purportedly sent or given instruction to make a payment
  • Use call back procedures from other phones or landlines to known contacts in order to verify identity when communications are received from the bank
  • Where an email appears to be from a known person, click on the email address to ensure it is not hiding a bogus address

To download this information as a pdf D E Ford Charity Financial Fraud factsheet

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