Reduce the chance of cheque fraud while simplifying your internal reconciliation process with Payee Match. This web-based service saves your team time and provides peace of mind by detecting potential fraud activity before it leaves your account. The service is available 24 hours a day, 7 days a week, to ensure a smooth and convenient member experience.
Cheque Fraud Hits Businesses Hard
Cheque fraud happens when a fraudster alters legitimate cheques or falsifies cheques in an effort to scam individuals for access to their money. While more and more people are banking electronically, it’s important to remain vigilant about cheque fraud, as criminals are still using it to take advantage of their victims. There are three 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 altered with a fake payee name and address.
When your business relies on issuing a high volume of cheques daily, it’s important to protect yourself from cheque fraud. The last thing you want is for a supplier not to get paid or for you to be out large sums of cash.
Decrease your Exposure to Potential Cheque Fraud and Help your Business Stay Safe
With Payee Match, you have access to quick, simple online tools to help protect your accounts against cheque fraud. To effectively use this service, please make certain that you are committed to using it regularly.
How Often Does it Happen?
490
increase in cheque fraud attempts from 2023 to 2024
761
on average of cheque fraud loss avoided just by reviewing your account
60
of fraud in 2023-24was cheque fraud
How It Works
Step 1: Upload Details
At the end of each day, you’ll upload a file that contains the details of every cheque issued to the Payee Match portal. Payee Match will then compare each cheque presented for payment with your details and detect any discrepancies.
Step 2: Review Daily
You or a designated team member can review the cheques through the portal, noting which areas Payee Match highlighted as not matching, such as 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.
To learn more about Payee Match, visit your local branch and speak to a member of our Commercial or Small Business teams.
