Interview: Facing Up to Fraud in the Flock
AUDIO VERSION
One out of three churches is a victim of fraud. Nonprofits annually lose billions to embezzlement. What can be done?
Ministry Pacific’s Insights series features Christian Spearow, a vice president at Jitasa, the nation’s largest accounting firm dedicated exclusively to nonprofit organizations.
Christian addresses:
Why churches and nonprofits frequently fall victim to fraud
How embezzlement occurs not only with the collection of money, but in its disbursement.
How digital giving has resulted in safeguards against fraud but has also opened new opportunities for criminal activity.
How every organization can take basic steps that can make it more difficult for people to embezzle.
Protect yourself from fraud with financial bonding insurance
The first line of defense against fraud is to improve financial controls and accountability. A measure that complements this is financial bonding insurance. This coverage helps organizations recoup financial losses in the event of embezzlement.