Cheque Fraud

Cheque Fraud has for many years been a popular mechanism for criminals to access bank account funds. There are some simple measures that you are a customer can undertake to mitigate the risk of this activity.

Business Cheque Accounts

Business cheque accounts are particularly vulnerable due to the often high balances and activity. Some precautions that should be taken include:-

• Reconcile accounts regularly – online daily if possible. This then reduces the time elapsed between discovery of any anomalies, perpetration of any fraud and informing the credit union. This generally will minimise the loss or potential loss.
• Only mail cheques to trusted addresses including locked boxes, Post Office boxes (not including street front private boxes).
• Ensure no gaps in words or numbers when cheques are drawn.
• Secure all blank cheque forms, especially at daily close of business, and restrict access to vetted employees.
• Report immediately to The Rock any instance where cheques sent out appear to have been Not Received, Intercepted (or NRI) and ensure appropriate stop payment instructions are provided to The Rock.

  Personal Cheque Accounts
• All the above (for Business Cheque Account Customers), especially personal safeguard of cheque books at all times – avoid leaving in cars and generally visible to others eg. on office desks, in unlocked drawers, cupboards etc
• All the above (for Business Cheque Account Customers), especially personal safeguard of cheque books at all times – avoid leaving in cars and generally visible to others eg. on office desks, in unlocked drawers, cupboards etc
• Make mental note of when the ‘trigger’ cheque is written – the one that will initiate despatch of a new cheque book – and keep alert for its arrival in the mail.