Finance News: CAF Bank steps up security in effort to prevent staff fraud

CAF Bank has tightened the security of its customers' online payments to reduce the chance of charity staff committing fraud.

At least two authorised staff members must now log in before online payments can be made to the Charities Aid Foundation bank. This will enable charity customers of www.cafbank.org to comply with recent Charity Commission guidelines advising trustees to "prevent any single individual from being able to control significant resources".

Other improvements enable customers to make third-party and bill payments, transfer money between CAF Bank accounts and other CAF Bank customer accounts, and to set up and maintain regular payments such as staff salaries through the Cafcash Quickpay system.

The foundation's head of banking, Peter Mitchell, said: "By making payments online, charities can be more efficient by saving time spent issuing and reconciling cheques."

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