Data critical to targeting fraudsters

Date – 28 September
Subject Fraud survey

Data critical to targeting fraudsters

BDO is urging New Zealand’s not-for-profit sector to help stamp out fraud in the sector by participating in its biennial BDO Not-for-Profit Fraud Survey.

The survey, launched in 2006, is conducted every two years across New Zealand and Australian organisations and the 2016 survey is now open for organisations to complete online.

BDO NFP Sector spokesman Bernard Lamusse says the survey is now a critical benchmark of fraud in the sector, valued by policy makers and support organisations.

“We measure not only the prevalence of fraud, but most importantly the methods used and what the sector is doing about managing it.

“The past 10 years’ worth of data has highlighted significant vulnerabilities, enabling us to find effective ways to help charities manage the risk of fraud and in turn build confidence among the public, who untimely provide their funding.”

Mr Lamusse said the fact that the prevalence of fraud had reduced from 19% since the survey’s inception in 2006 to 10% in 2014 is testimony to its value.

The 2015-16 will target key risk areas including the increasing incidence of ‘cyber’ fraud which enabled fraudsters to siphon off massive sums of money very quickly.

“We urge administrators and staff across the sector to help us expel fraud by going online and completing the survey.

“The more information we gather, the greater our insights and the more effective we can be.”

The online survey can be completed by visiting www.bdo.co.nz prior to closure on xx October. Participants will go in the draw to win an iPad.

A key findings report will be released in February 2016, followed by a series of more detailed risk area analyses.

ENDS

*Note to editors BDO is an accounting and business advisory network with 14 offices nationwide in New Zealand. It is part of the BDO global network which is the world’s fifth largest accountancy practice.

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