Charities pay for poor controls

Only 11% of charities have an anti-fraud policy and 7% have suffered a fraud in the last two years, according to a Fraud Advisory Panel study conducted by accountants Chantrey Vellacott DFK. Half of victims estimated their losses to be under UK£1,000 but 2% said that over UK£100,000 had been taken. Most offences occurred at head office (18%) or in the banking process (17%) and involved theft of cash (28%) or cheques (25%).