9th January 2020
It’s a new year, a new decade, and another year that IRIS FMP will continue to be a Trusted Supplier to the NCVO and the charity sector. IRIS FMP is proudly displaying the new NCVO logo for 2020 having been a Trusted Supplier for many years.
It’s very important that a trusted provider conducts your payroll in order to avoid mistakes such as common errors and fraud. The charity sector has suffered from high levels of fraud recently, as reported by the government in December 2019.
Facts about fraud
Charities were being targeted by fraudsters who were impersonating members of staff and attempting to change employees’ bank details. Requests were made by email as fraudsters can create spoof email addresses that appear to be from someone you know. This makes you more likely to respond or action what is being requested.
In the age of social media, employee names, the company they work for, and their email addresses can be found online. This information can be used by fraudsters. The more information a fraudster has on a charity and its employees, the more convincingly they can come across.
A study of over 3,300 charities that was published in October 2019 revealed that 53% of charities that have been affected by fraud in the past two years knew the perpetrator. Over a third of fraudsters were the charity’s staff members.
The study also found that 69% of charities believed fraud was a major risk to the charity sector. It was revealed that internal fraud, such as that mentioned above, was one of the biggest threats.
Is your charity doing enough?
Worryingly, the results from the study suggest that numerous charities are not doing the basics to protect themselves even though 85% think they are doing everything they can to prevent fraud. Almost half of these charities don’t have any good-practice protections in place and 34% don’t believe their organisation is vulnerable to the most common types of charity fraud.
This gap between awareness and action poses a threat to charities’ valuable funds, public trust, and confidence in the sector. The risk of fraud in charities seems to be on the increase and is costing the sector millions, and possibly billions, of pounds each year, so now’s the time to act and get your payroll in order.
The benefits of using a NCVO Trusted Supplier
IRIS FMP helps support the charity sector by providing insight and advice in our areas of expertise, driving efficiencies and giving the sector relevant and value for money products and services.
NCVO Trusted Supplier status is only given to a small number of companies who provide specialist products and services that can save not for profit organisations time and money. They offer exceptional value, outstanding quality, and have lots of experience working with voluntary organisations. NCVO Trusted Supplier organisations work to a detailed Code of Conduct. Find out how the NCVO selects its Trusted Suppliers and read the agreements they sign up to. IRIS FMP support NCVO members with a 15% discount on all payroll services.
Does your charity need a trusted payroll provider?
IRIS FMP knows that every not for profit organisation is different so we provide a broad range of flexible payroll solutions, from fully managed payrolls to bureau solutions. Our payroll services team has the expertise and technology to guarantee that your payroll is turned around quickly and accurately every time, for everyone. Read our brochure to find out more.