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Cheque

Avoiding Cheque Fraud

September 10, 2014

This Simple Guidance Could Help Your Organisation Avoid Cheque Fraud

Charities and not-for-profits use a variety of payment methods for their purchases, including cheques. Although cheque use is diminishing in the face of electronic payments, many charities still rely on cheques to make payments without having to access the Internet or carry cash.

Losses due to cheque fraud continue to dwindle, dropping 22 per cent from £35.1 million in 2012 to £27.5 million in 2013, according to Financial Fraud Action UK (FFA). The FFA credits improved fraud detection methods, such as the digital analysis of cheques, with causing the significant decrease.

To continue this trend of shrinking cheque fraud losses, the Charity Commission is urging charities to follow these basic controls:

 

The FFA recommends always drawing a line through unused space on the payee and amount lines to prevent fraudulent cheque alterations.

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