Indicators – Cheques

Fraud Risks and Prevention Indicators

Cheques

Risks

  • Drawing of uncleared funds from banks, ATMs, EFTPOS
  • Fraudulent representation of stolen cheques
  • Fraudulent cashing of cheques
  • Cheques not met on presentation

 
Causes

  • Inadequate cheque clearance procedures
  • Counterfeit bank cheques
  • Cheques obtained from companies by persons disguised as repairmen, contractors etc and new cheque books ordered from the bank.
  • Insufficient funds in account for presentation of cheque

 
Prevention Measures

Make sure that:
 

  • Cheques payable to a third party are properly endorsed by the payee
  • Cheque endorsement is in order.
  • There are no changes on the cheque
  • The cheque has the correct date
  • Figures match the writing
  • Signature is okay.

 

  • Contact the company by phone to confirm validity of the cheque
  • Contact bank for special clearance of cheque
  • Safeguard cheques

 

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