Cheque Scams

The internet, while offering countless benefits, has also become a hotspot for scamming activities. Cybercriminals frequently devise ways to illicitly siphon off funds from unsuspecting victims. Cheque-related scams, where fraudulent communications appear formal and genuine, are increasingly prevalent.

Consider an example where a citizen received a check from Lloyds TSB worth 3,500 pounds issued by a supposed company called Portolio Metrica Ltd. from West Africa. The recipient, having no association with the bank or the company, was naturally skeptical. The check appeared genuine, but depositing it seemed risky, so he held onto it without taking any action.

Business Cheque Scams

Another scam variant involves business cheques. Here, scammers place urgent orders and provide a post-dated cheque as payment. The businesses, believing the cheque to be genuine, dispatch the ordered goods. However, when they attempt to deposit the cheque, it bounces.

Businesses can protect themselves by adhering to the following guidelines:

• Never respond to suspicious emails.
• Never divulge personal or financial details.
• Always store cheque books securely.
• Avoid accepting cheques from unfamiliar sources.
• Always verify the credentials of the individual or company providing the cheque.
• Perform a thorough background check.
• Dispatch goods only after verifying the cheque's authenticity.
• Regularly reconcile bank accounts.

These guidelines are just the starting point. There are many measures businesses can adopt for safety. Travelers' cheques and certified cheques are not immune from such scams either. For instance, in York, some residents were nearly ensnared in an international money-laundering ring when they received a counterfeit traveler's cheque worth 3,000 pounds. The North Yorkshire Police have described such operations as intricate international scams meant to defraud innocent people. Other deceptive practices to be wary of include deposit scams, online cheque fraud, and cheque cashing schemes.