Defend Your Business Against Cheque Fraud



Many businesses don’t expect they will be a victim of cheque fraud. But, according to the Bank of Canada, cheque fraud is one of the fastest growing financial crimes today. It’s projected to increase by 25% annually, and The Nilson Report estimates the cost to North American businesses will be $20 billion CAD per year. Why take the risk? For just pennies more per cheque, you can upgrade to High Security cheques with features that deter, detect and defend your business against cheque fraud.

DETER criminals with features to prevent copying, identify when alteration has been attempted and easily identify if a cheque is an original document.

DETECT fraud attempts more quickly, enabling fraudulent cheques to be reported sooner thereby protecting your account.

DEFEND your credit record by demonstrating to authorities you've proactively reduced your risk.

Security features included:

• Chemical-sensitive paper

• Consecutive numbering

• Invisible fluorescent fibres

• Microprinted borders

• Visible fibres

• Toner adhesion

• Padlock icon

• Security warning box

• Warning border

• High-resolution border elements

• Colour pantograph background pattern

• Ez Shield Fraud Protection (Optional)


What Kinds of things do Criminals Look For?

• High volume bank accounts where a fraudulent cheque can easily slip through.

• Cheques that are easy to reproduce using a colour copier

• Cheques that are easy to tamper with

• Easy access to a cheque book or cheque stock

Minimize The Risk To Your Business

Be aware that it is impossible to prevent fraud. But you can significantly minimize the risk – reducing the chance of someone counterfeiting or altering your cheques, as well as reducing your liability when it occurs – using a two step approach. First, it is critical that good procedures related to your cheque processing process are in place. Second, it is essential that your cheques be difficult to counterfeit or alter.

1. Prompt account reconciliation – reconcile your statements as soon as they are received.

2. Restrict access to your cheques. Split responsibilities so that no one person is responsible for cheque issuance and reconciliation.

3. Audit your cheques.

4. Ensure that your cheque includes comprehensive security features.

5. Keep cheque stock in a secure location.

6. Destroy unused cheques from closed accounts immediately.

7. When re-ordering your cheques use a continuous set of consecutive numbers.

8. Order only one set of cheques per account.

9. Report any old outstanding cheques and suspected fraud on your account immediately.

10. Refrain from making the signature of company officials common knowledge.

11. Use non-window or window envelopes that are specifically designed to be compatible with your cheque, properly sized with a printed art lining to ensure confidentiality.

12. When conducting a reconciliation review of cancelled cheques verify that the payees have not been tampered with.

13. Never leave cheques unattended in your computer printer.

14. When you do a cheque run, account for all cheques since the last run.

15. Review your insurance policy to determine if it provides protection in the event of a loss.

Do not take unnecessary chances. The more security you have through procedures and your choice of cheque, the less likely that someone will tamper with your cheques. --- Minimize the security risk to your business and get peace of mind.

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