Charity and Not-for-Profit Commercial Insurance Pro-File 3rd Quarter 2014

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Charities and not-for-profits use a variety of payment methods for their purchases, including cheques. Although cheque use is diminishing in the face of electronic payments, many charities still rely on cheques to make payments without having to access the Internet or carry cash.

Losses due to cheque fraud continue to dwindle, dropping 22 per cent from £35.1 million in 2012 to £27.5 million in 2013, according to Financial Fraud Action UK (FFA). The FFA credits improved fraud detection methods, such as the digital analysis of cheques, with causing the significant decrease.

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Ben Sisson
Ben Sisson
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