[2008-07-18]  Barclays Introduces Cheque Fraud Detection Product
BARCLAYS Bank of Zimbabwe has introduced a cheque fraud detection product, which ensures counterfeit, out of date and fraudulently altered cheques are not paid.

The product, which comes just after the Reserve Bank of Zimbabwe Governor Dr Gideon Gono removed cheque limits, is only for corporate customers.


Managing director Mr George Guvamatanga said the system called Barclays Positive Pay would enable account holders to securely make their cheque payments knowing that the cheques will be paid out only for the purpose for which they were intended.

"This gives customers peace of mind, enabling them to focus their energies on other business-critical issues," he said adding that it was the first in the market.

The service is a cheque fraud detection product that matches account number, cheque number and dollar amount of each cheque presented for payment against a pre-loaded list of cheques authorised and issued by the client.

All three components must match exactly otherwise the cheque will not be paid.

Cheque transactions constitute the largest form of settlement in the banking sector and the recent global past reveals that cheque fraud is the fastest growing financial crime.

Whilst cheque fraud statistics are scanty, the loss of funds as a result of well-organised fraud can have enormous consequences on business

Mr Guvamatanga also said the service would allow customers to verify their high value cheques' payees. As any errors relating to cheques are identified and corrected early in the processing cycle, companies will also be able to improve their own reconciliation.
The most common sources of cheque frauds are fraudulently opened bank accounts, thieves who break into homes or offices or cars, waste cheques from bank archives by bank insiders, intercepted company cheques payable to genuine suppliers or service providers and intercepted cheques written using acronyms for example URA, CAA. Counterfeit cheques - the advancement in colour copying and desktop publishing are a growing source of fraudulent cheques.




Source: ALLAFRICA