Cloned cheques – the latest crime threat
03 October 2019
Some of you have contacted us over a new scam involving cloned cheques.
If your bank contacts you to verify a signature, you should take care to check carefully, including the style and structure. Banks have warned that this issue could become more frequent over the coming months.
One firm told us “We were asked by our bank to check the signatory on a cheque purporting to be from our client account before it could be cleared. We realised instantly this was a fake cheque as the structure and style of it was different to our printed cheques, albeit the signature was very similar to that of one of our authorised signatories. The bank had not presented it and the attempted fraud failed.
“According to our bank, this is a growing trend. The cloned cheque was scanned and deposited via a mobile banking app.”
Banks use artificial intelligence software to pass a cheque for presentation, so staff no longer physically see the cheques. If a fraudulent cheque slips through, banks should immediately refund the account holder’s account.