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Nonprofits Fighting Fraud illustration
Category: Fraud Prevention

Fighting Fraud, Keeping Nonprofits Safe

Regions’ Jeff Taylor details scams that impact our communities, and those whose mission is to make life better.

By Doug Segrest | March 4, 2024

As Regions’ Jeff Taylor detailed the dangers of fraud, Bailey Real and Jennifer Sumner furiously took notes.

“They’re all a little scary, especially ransomware,” explained Real, the assistant director of Pathways, a Birmingham, Alabama, nonprofit that empowers women and children out of homelessness in numerous ways, including free, licensed Montessori™-styled preschool education.

“If someone were to get a hold of our donor database. I would panic. Protecting our clients is critical.”

While Real continued taking down notes, Sumner turned to her phone and began typing out a message to her insurance agency, following one of Taylor’s suggestions.

“I emailed our insurance agent while he was talking,” said Sumner, Pathways’ executive director. “I want to make sure we have cyber insurance, just in case.”

Fraud continues to be a pervasive threat, not only to families, but to our nation and our businesses.Jeff Taylor, head of commercial fraud forensics

Nonprofits are here to serve. They often do so on tight budgets with small staffs, fulfilling missions and enriching communities with little fanfare.

But in the world we live in, they are often targeted by criminal entities who see them as soft targets.

That’s why Regions Community Affairs team gathered dozens of nonprofits together for a half-day session at the Regions Center.

And that’s why they brought in Taylor, head of commercial fraud forensics, to give the nonprofit leaders an overview of the threats that exist.

“Fraud continues to be a pervasive threat, not only to families, but to our nation and our businesses,” Taylor said. “Fraudsters are indiscriminate. They have no morality. And these guys have no concern over who they are attacking. It’s all about grabbing money.”

According to the latest crime statistics, large nonprofits are at the greatest risk of fraud because they offer the biggest payoff for criminals. But increasingly, criminals are targeting smaller nonprofits that don’t have the manpower to easily fight off attacks.

That’s why Taylor encouraged the nonprofits to make fighting fraud a top priority.

One of the key scams that impacts nonprofits is also one of the oldest – check fraud. Fraudsters can “wash” or alter existing checks, create counterfeits using blank check stock or use forgery to steal money away.

 

But Taylor also provided 5 best practice tips to combat check fraud:

  1. Reconcile accounts in a timely fashion in order to spot abnormal activity.
  2. Place stop payment on any checks that have been lost or stolen.
  3. Convert paper payments to electronic payments whenever possible.
  4. Securely store check stock, deposit slips and bank statements, then destroy securely.
  5. Use Positive Pay with Payee Name Verification, a powerful tool that sends information to your bank that matches what’s written with what’s coming in.

“You want to convert to electronic payments anytime you can because it gives you more control over your transaction,” Taylor said.

He also provided tips on how to fight ransomware and business email fraud, which can include imposter emails to steal from accounts.

Taylor emphasized taking out cyber or fraud insurance, when available.

 

He also offered steps to take to ensure long-term safety:

  1. “Guard your house” – Conduct an IT vulnerability assessment, create effective firewalls, and regularly patch and update security systems while routinely backing up critical data. Require the use of secure passwords and multi-factor authentication. And leverage fraud protection tools including Positive Pay, ACH Positive Pay and Account Reconciliation.
  2. Create an Associate Training Program – Volunteers are the lifeblood of any nonprofit. Often, they have access to your network and sensitive data. Additionally, turnover may be high, so it is’ important to conduct regular, repeated training. Educate critical payment stream associates, perform regular phishing testing, encourage associates to be aware of potential points of compromise and remind associates not to click on links or attachments from unknown sources. For great videos and information on education programs, visit regions.com/stop fraud or regions.com/fraudprevention.
  3. Create a Fraud and Risk Governance Plan – Identify and document risk tolerance, create a robust vendor management program, document a detailed fraud response plan and review cybersecurity insurance coverage. Nonprofits should also divide financial responsibilities and review and establish internal controls, such as call-back procedure for changes in payments.

Throughout the day, the Community Affairs provided other detailed information to help stop fraud.

That included steps on how to improve hiring practices and ways to deal with existing employees who have been approached by fraudsters. There were also impactful tips on creating trust and verification in accounting practices.

“We’ve seen some of the red flags Jeff spoke of today,” Pathway’s Real added. “We are thankful for this opportunity. This was a day well spent.”

Fraud never sleeps.

And neither does Regions. Our team works tirelessly to educate our customers and the public on the latest fraud tactics through articles on Doing More Today. In fact, Fraud Prevention is one of our most popular topics, along with Good Company and Good Towns. To keep up with the latest trends, join us as a subscriber.

 

Related Articles from Doing More Today

  • Tax Fraud Red Flags: 6 New Tips from the BBB
  • Account Takeover: 5 Early Warning Signs
  • Tax Fraud Scams: 5 Tips to Stay Safe
  • Love Gone Wrong: How to Spot Romance Scams

 

The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.

 

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