Cheque fraudÂ is one of the major cause of monetary or financial loss of banks and the business. It leads to bouncing of cheques, non payment and paying of bouncing fees.
Some of the example ofÂ cheque fraudulentÂ are:
- Floating Cheques: people can go to shops or stores and make purchases and issue post dated cheques. Later on the store would face problems as the money would not show up in their account and the bank may later on reject the cheque.
- Illegal acquiring of money: one can take print out of cheques to withdraw money from fake bank account.
- Forging Cheques: one can forge signatures of the cheque holder and cash the cheque.