• Inside Labour

    The 'casualisation' of the workforce is often a ploy to cut costs, says Terry Bell.

  • When drones go dancing

    Drone technology's future is about to come to life in Cape Town, says Arthur Goldstuck.

  • Testing times for Matona

    New Eskom CEO Tshediso Matona has his work out cut out for him, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Beware cheque scams - Sabric

Jul 23 2012 15:53 Sapa

Related Articles

Cheque fraud prevalent - Sabric

Sabric: Beware of home loan scams

Joburg uncovers corruption scam

Businesses warned of UIF scam

Job seekers warned of fee scam

 

Johannesburg - Bank customers should be wary of scams involving cheque fraud, the SA Banking Risk Information Centre (Sabric) said in a statement on Monday.

Despite the noticeable decline in cheque usage, various scams were being devised by perpetrators to defraud cheque users especially where business transactions took place, Sabric said.

A business would be approached with an urgent order and promised payment, supported by a cash deposit or proof of an electronic payment.

The payment would then be made with a fraudulent cheque, leaving the business out of pocket.

Sabric CEO Kalyani Pillay said it was crucial that payments be made in cash, or if by cheque the recipient should wait for the cheque to clear before releasing any goods.

The centre said: "In some cases, banks are noticing incidents where pages of business cheques are removed from cheque books and then presented by fraudsters for large cash withdrawals."

It was not unusual for staff at those businesses to collude with perpetrators, with directors' signatures forged.

"Sabric advises bank customers to keep their cheque books in a safe place at all times, and to immediately report lost and stolen cheques."

The centre advised to keep returned cheques in a secure place, complete payee details in full and write the amount in figures as closely as possible, and include the account number in the payee line when making account payments.

Other advice included using crossings appropriately, always marking crossed cheques "not transferable", regularly reconciling bank statements, and using alternative payment methods.

banks  |  sabric
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...