Cheque Fraud
Figures released on 10 March 2010 show cheque fraud losses decreased from £41.9 million in 2008 to £29.8 million in 2009. The overwhelming majority of attempted cheque frauds get stopped before the cheque is paid. The industry’s ongoing work to prevent cheque fraud - particularly through its use of fraud prevention profiling - has played a key part in driving these losses down. The continuing decline in cheque usage has also played a part in the 29 per cent fall in overall cheque fraud losses. Fraud on guaranteed cheques fell to £0.7 million last year. The UK Domestic Cheque Guarantee Card Scheme is closing on 30 June 2011, meaning that it will no longer be possible to guarantee a cheque under the Scheme after this date.
What the banks do to protect customers from fraud