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Mitigating Fraud at Your Not-For-Profit: Lessons Learned
- The recent webinar, Unmasking Fraud in Not-for-Profits, revealed insights on prevalent fraud categories such as phishing schemes, credit card fraud, check fraud, and cash theft.
- Phishing scams involve tactics like gift card scams, fake vendor invoices, and rerouting of customer proceeds, with key protective measures including security training and email authentication processes.
- Credit card fraud risks unauthorized personal purchases and compromised accounts, leading to suggestions like limiting the number of company credit cards and monitoring spending closely.
- Check fraud remains a threat despite decreasing paper check usage, with prevention methods like using Positive Pay and conducting timely reconciliations.
- Cash theft risks from petty cash, donations, and register skimming can be reduced by securing cash containers, conducting frequent cash counts, and ensuring multiple employees are present during cash collection.
- To protect not-for-profits, enhancing security measures, establishing clear policies, and conducting regular reconciliations are essential in mitigating fraud risks effectively.
- Early detection of fraud is crucial to minimize financial losses, and implementing safeguards like dual signatures on checks and secure cash handling procedures can strengthen fraud prevention efforts.
- By taking proactive steps outlined in the article, not-for-profit organizations can safeguard their financial resources and maintain focus on their mission-driven objectives.
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