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CORPORATE CHEQUE FRAUD- THE DANGER
Many of us believe that corporate cheque fraud will never happen to our business.
However, we could easily be next, after all, corporate cheque fraud has recently witnessed a dramatic increase despite the efforts of the Banks, APACS and the Accredited Cheque Printers.
Fraud committed against company cheques usually falls into two categories, namely copying fraud or fraudulent alteration of a cheque.
FRAUDULENT COPYING
1. Traditionally done by counterfeit printing.
2. The development of the colour copier has given the fraudster another tool.
3. Recently new fraud opportunities have been inadvertently created by the technical advances of scanners, graphics software linked to ink jet printers, colour copiers and now digital presses.
FRAUDULENT ALTERATIONS
This is a growing area of cheque crime and alteration can take place to the payee name, the written payable amount or the figures within the amount box.
The process is done in 3 stages.
1. The existing cheque infill is removed/lifted by the careful use of solvents, scalpel blades or by applying adhesive surfaces.
2. Any consequential damage to security background has to be ‘reinstated’ and this is down to the artistic talents of the fraudster & the COMPLEXITY OF THE CHEQUE BACKGROUND.
3. The cheque is now ready to accept new fraudulent infill.
SECURITY FEATURES OF BESPOKE CHEQUES
Bespoke cheques offer exceptional deterrents to prevent cheque fraud because:
COPYING
The designs comprise the extensive use of fine lines and microtext printed in a fluorescent security ink.
Fluorescence cannot be reproduced by colour copiers, inkjet printers or digital printers. Equally, microtext is difficult to scan or copy.
ALTERATIONS
These specific designs are ‘heavily inked’ and this makes fraudulent tampering more obvious to the human eye. The extensive use of microtext and fine lines makes accurate design reinstatement a fraudster’s nightmare.
WARNING
The vulnerable areas of a cheque are specifically the:
• Amount Box
• Payee Name
• Payee Amount
Too many cheque designs are simplistic and under strength in ink density in these vulnerable areas. Such cheques are relatively easy to fraudulently alter and reinstate.
OTHER FEATURES
• Guaranteed to meet Banking and APACS regulations.
• Security holograms, watermarked paper and thermochromic inks are optional security features which can be incorporated into cheques to deter fraudulent copying.
• We obtain bank approval for the cheque design on your behalf as part of our service at absolutely no cost to yourself.
• All cheque deliveries are made on a ‘Next Working Day’ basis we also obtain a P.O.D. on every delivery.
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