What measures are in place to reduce cheque fraud?
Security is of paramount importance in the CTCS and the banking industry. As such, several security measures have been put in place to ensure the safety and security of cheques cleared under CTCS. These include security features on the physical cheques, implementation of digital signature to ensure that all information are digitally signed and transmission of image and data via a secured network. Migration to e-payments • BNM is actively promoting the migration to e-payment agenda. Since cheques are paper-based, why is BNM making the paper-based payment instruments more efficient? While there has been a shift in the payment mode from cheques to more electronic payments in the recent years, cheques still account for a significant portion of non-cash retail transactions, at 93% in 2007. Hence, enhancing the efficiency of cheque clearing is still an important area of focus for BNM in efforts to lower the cost of doing business. Besides, the experience in the United States has shown that c
