Protect against cheque fraud with electronic payments

Published on Friday, December 07, 2012

Figures from the Cheque & Credit Clearing Company (C&CCC) show an alarming increase in fraudulent cheque use over the first six months of 2012, despite volumes of cheques reducing. The cost of cheque fraud in that period came to almost an astounding £18 million.

One of the most common schemes involves intercepting cheques and altering them to pay into a criminal account set up purely for the purpose.  All of this risk can be avoided using automated, electronic payments to cut out the dangers of criminal manipulation.

Among the recommendations made by the C&CCC to help prevent fraud, which include drawing lines through blank spaces and writing names in full, is the advice to use Bacs or Faster Payments - especially for high-value transactions.

Electronic payments solutions allow you to track the progress of your transaction and validate all bank account details at point-of-entry. This means you know the status of the payment at each stage of its journey, as well as having additional security methods to prevent malicious use.