A key tip for beating cheque fraud in 2020

As we showed in our previous blog, despite the board of the United Kingdom Payments Council announcing that they hoped to phase out paper cheques by 31st October 2018, cheque printing is still a popular process for today’s businesses.

Now that October 2018 is well and truly behind us, in our latest blog post we have decided to look ahead to the future and offer some important advice to business owners who will be continuing to print cheques this year.

Pick up a key tip for beating cheque fraud in 2020 by reading on.

Be mindful of fraud when writing the date on your cheques in 2020.

Businesses are being reminded of the need to write the full year when writing cheques in 2020. In cases where printed cheques give the cheque writer the opportunity to write the date in the format they prefer (rather than having pre-determined boxes), it is important to follow the DD/MM/YYYY format rather than the DD/MM/YY format.

The reason for this is that criminals could take advantage of the fact that you haven’t written the full year and easily modify the year for fraudulent purposes – for example, you should write 03/02/2020 rather than 03/02/20.

If you don’t follow this format, it could prove problematic if your cheque falls into the wrong hands and the fraudster changes the date to a later year so that they can claim payment at a time when you may not have the funds to pay it. This may result in a bounced cheque, which could cause financial implications for your business – something we’re sure you’d prefer to avoid.

If your business prints cheques, Hague is here to make the process much easier. With the help of Hague’s PremierImaging software combined with a cheque scanner from our range of units, we can provide business cheque users with the opportunity to simplify and streamline cheque management. With our software you will benefit from efficient processing, ease of use, accuracy and more reliability when processing your cheques.

You could save your business hundreds of hours of work a year by streamlining your cheque printing and scanning process. Click here to enquire and a member of our team will speak with you in more detail about our cheque scanning services.