Cheque Fraud
Figures released on 09 March 2011 show cheque fraud losses decreased from £29.8 million in 2009 to £28.9 million in 2010.
Cheque Fraud Losses 2006 to 2010
|
|
2006 |
2007 |
2008 |
2009 |
2010 |
+/- (09/10) |
|
Forged cheque fraud |
£22.4m |
£20.5m |
£17.4m |
£15.7m |
£13.1m |
-16% |
|
Fraudulently altered cheques |
£6.1m |
£9.2m |
£16.9m |
£9.3m |
£12.0m |
+29% |
|
Counterfeit cheques |
£2.1m |
£3.8m |
£7.6m |
£4.7m |
£3.8m |
-19% |
|
TOTAL |
£30.6m |
£33.5m |
£41.9m |
£29.8m |
£28.9m |
-3% |
* Due to rounding, the sum of separate items may differ from the totals shown.
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 3 per cent fall in overall cheque fraud losses. 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.