The typical organization loses five percent of revenues each year to fraud. One out of every ten frauds victimizes a nonprofit; the only industry segment where fraud is on the rise. Headlines report multi-million dollar frauds. How do they do it? Nonprofits are particularly vulnerable and often fall victim to a few common schemes. Fortunately, there are anti-fraud procedures that can cut fraud loss. How much is 5% of your annual revenue?
In this session, participants will learn about fraud schemes ripped from the headlines and discuss the environment for fraud in nonprofits today. We will discuss common nonprofit fraud schemes and practical anti-fraud controls that work to cut fraud loss.
Field of study: Business Management