Unit 10 - Fraud Analysis / Cheques
mfernott
Registered Posts: 32 Regular contributor ⭐
Hi All
I'm basing my project on the purchase ledger system and a key area of fraud I have found is that most suppliers are paid by cheque. Obviously cheque is an antiquated method of payment and cheques are open to fraud.
Does anyone have any information about the types and rates of cheque fraud or any other useful information regarding cheque fraud?
Kind regards
Martin
I'm basing my project on the purchase ledger system and a key area of fraud I have found is that most suppliers are paid by cheque. Obviously cheque is an antiquated method of payment and cheques are open to fraud.
Does anyone have any information about the types and rates of cheque fraud or any other useful information regarding cheque fraud?
Kind regards
Martin
0
Comments
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As for fraud rates I could not say for recent times but in 2005 it is estimated the cheque fraud amounted to losses of £40.3m. Types of fraud would include theft/missappropriation of cheques, cheques being amended, the use of counterfeit cheques, etc. There are probably more I just can't think of what they are at the moment.0
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Thanks Speegs! :thumbup1:0
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There is an article here:
http://www.accountingtechnician.co.uk/atonline/archive/display/store690/item47408/
which I wrote last year. It considers the auditor's responsibility in terms of fraud. It doesn't specifically relate to cheque fraud but it does highlight some weaknesses which can be present and can give rise to fraud.
Hope it helps you.
Kind regards
Steve0 -
Hi All
I'm basing my project on the purchase ledger system and a key area of fraud I have found is that most suppliers are paid by cheque. Obviously cheque is an antiquated method of payment and cheques are open to fraud.
Does anyone have any information about the types and rates of cheque fraud or any other useful information regarding cheque fraud?
Kind regards
Martin
Sorry, I don't have any info regarding cheque, I thought you wanted general info0 -
I found this document on the web, looks fine,
http://www.bankingcode.org.uk/pdfdocs/Cheques%20and%20Cheque%20Clearing%20the%20Facts%20Sep%2005.pdf0 -
facts & figures from apacs:
http://www.apacs.org.uk/payments_industry/payment_fraud_2.html
There are 2 types of cheque fraud in this situation, internal & external0
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