EOCO issues alert on rise in cheque fraud
EOCO said traders and business entities who are most vulnerable to this form of fraud should ensure due diligence is carried out when doing business.
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The Economic and Organised Crime Office (EOCO) says it has taken notice of an upsurge in cheque transaction fraud.
In a statement on November 23, EOCO said traders and business entities who are most vulnerable to this form of fraud should ensure due diligence is carried out when doing business.
"These fraudsters are hiding behind the issuing of cheques and other modes of payment to defraud traders and business entities. After an agreement is reached, the fraudsters then issue cheques on unfunded or dormant accounts which take a number of days to be detected through the interbank clearing system.
“In view of this, the general public, especially traders and business entities, is hereby encouraged to do due diligence before delivering goods and services, by ensuring that cheques or whatever forms of payment have irreversibly reflected in their accounts,” the statement noted.
"The Economic and Organised Crime Office will continue to monitor and track down this organised criminal activities."
