Bank customers have been warned by the SA Banking Risk Information Centre (Sabric) to look out for scams involving payment by cheque. Cheque fraud is on the rise and businesses need to watch out, the centre says.
Perpetrators are targeting businesses by approaching them with urgent orders for goods and a promise of payment to be made into the business’s bank account.
The promise is often supported by a proof of a cash deposit or electronic payment, but the payment is made with a fraudulent cheque.
Chad Thomas, IRS Forensic Services chief investigating officer, said this was the most common type of fraud.