Step 1:
Upload Details
Upload a file daily to the WFCU Payee Match portal containing the details of every cheque you’ve issued. The service then compares each cheque presented for payment with the details you submitted, detecting any discrepancies.
Step 2:
Review Daily
Through the portal, you or a designated team member must then review any highlighted areas within 24 hours; including serial numbers, payee names, addresses, or amounts that may have been altered.
Step 3:
Drive Requests
You can then request that the unmatched cheques be paid or returned and, if necessary, proceed with further investigation or reissuing new cheques with the correct information so your suppliers can be paid promptly.
Cheque fraud takes a significant toll on businesses.
When your business relies on issuing cheques to suppliers, it’s crucial to safeguard against fraud.The last thing you want is for a supplier to not get paid or for you to lose large sums of cash.
490
Cheque fraud attempts have increased by 490% year over year.
761
The average amount lost per fraudulent cheque is $761.
60
Cheque fraud represents 60% of all fraud.
3 common types of cheque fraud:
Counterfeit cheques
A fake document that mimics a genuine cheque.
Forged cheques
A real cheque where the signature has been forged.
Altered cheques
A legitimate cheque stolen and/or altered with a fake payee name or amount.
To learn more about WFCU’s Payee Match, speak with a WFCU Member Services Representative, call 1-866-500-9328, or visit myWFCU.ca/PayeeMatch.
