As part of International Fraud Awareness Week, we wanted to post some good year-round resources for organizations on fraud and fraud prevention.
As highlighted in this excerpt from the Association of Certified Fraud Examiners’ (ACFE) 2020 Report to the Nations “…nonprofit organizations were the victim in 9% of fraud cases reported by CFEs in the study — with a median loss per instance of $75,000 and an average loss of $639,000. Of these cases, nonprofit employees were more likely to commit fraud (39%), but those at the director and board level tended to steal more ($250,000 compared to $21,000 by employees).”
5 key resources for fraud prevention:
- 5 steps to prevent fraud
- 4 simple things you can do today to prevent fraud
- How to reduce fraud and embezzlement
- Here is a superb Checklist for fraud prevention from ACFE
- For more data and insight on fraud, you can also review the full report from the Association of Fraud Examiners
With all the resources above, it might also be helpful to consider a move to the cloud. Cloud-based programs offer higher levels of data encryption and security to your organization. For example, MIP® Accounting utilizes robust data storage centers, which are frequently audited and backed up for enhanced protection against looming cybersecurity threats.
Cloud accounting software solutions are designed to grow with you and provide quick access to the tools needed for success. Having a scalable solution creates greater ease in delivering association members with a dependable experience while also giving you the option to add new employees to satisfy those members’ needs.
A bonus of the cloud is a lower cost of ownership. Because data storage centers are constantly monitored, the need for IT department monitoring from your team is eliminated; freeing up employees to work on other crucial tasks. And whether an organization is using MIP Modern or MIP Cloud, they can count on MIP’s commitment to ensuring our customers’ data and proprietary information is kept secure.
If you’re interested in seeing a demo of our fund accounting solution – please click here/.