What advice do you have for consumers about being on guard against cheque fraud?
• Don’t accept a cheque, or banker’s draft, from someone unless you absolutely know and trust them. Be especially wary when accepting a high-value cheque — for instance if you are selling a car. • Be aware that, even after the value of the cheque has been credited to your account, there is a small risk that the money could be reclaimed IF the cheque subsequently turns out to be stolen or counterfeit. • Always consider other types of payment for high-value items — an automated payment (takes 48 hours) or a CHAPS payment (a same-day service). There is a small charge for a CHAPS payment but it is a guaranteed same-day value payment. If the buyer is unwilling to pay the relatively small cost involved — or to split it with you — then you really do need to be on your guard. • Be aware that a bankers’ draft is not necessarily safe from fraud. If you receive a bankers’ draft in payment for goods you must allow time for the draft to clear before releasing the goods. Bankers’ drafts can be stole
