5 ways to protect yourself from cheque fraud

financialexpress.com:

These days financial frauds are on the rise, and we must be careful and protect our wealth from fraud and cheating. Cheque frauds are also prevalent and a sophisticated form of financial crime that can have serious consequences.

Fraudsters employ various tactics to manipulate and misuse cheques, leading to financial losses and identity theft. Protecting yourself against cheque fraud is essential to safeguard your hard-earned money and personal information.

Whiling issuing a cheque, you must be careful with all the information and amount you put in. It could be related to the name you write, amount, date and other details. Never ignore these details and get the cheque number before you hand over it to the other person. There are many things that you must know. Here are five effective ways to protect yourself from cheque fraud:

Consistently monitoring your bank and financial statements is the first line of defense against cheque fraud. Regularly review your account transactions, including cleared cheques, to quickly identify any suspicious or unauthorised activity. If you notice any discrepancies, promptly report them to your bank or financial institution.

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Keep your chequebook in a secure and controlled environment. Store it in a locked drawer or cabinet when not in use, and never leave blank cheques lying around. Consider keeping track of your cheque numbers to detect any missing cheque, which could be an indication of fraudulent activity.

When signing cheques, use a consistent and legible signature. Avoid signing blank cheques or leaving spaces for payees or amounts open. Draw a line through any unused spaces to prevent unauthorised additions.

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