Unit 10 - Fraud Analysis / Cheques

Comments

• speegs Experienced Mentor Registered Posts: 854

  January 2008

  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.

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• mfernott Feels At Home Registered Posts: 32

  January 2008

  Thanks Speegs! :thumbup1:

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• peugeot Experienced Mentor Registered Posts: 624

  January 2008

  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
  Steve

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• AatAbi Feels At Home Registered Posts: 47

  January 2008

  mfernott wrote: »

  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 info

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• AatAbi Feels At Home Registered Posts: 47

  January 2008

  I found this document on the web, looks fine,
  http://www.bankingcode.org.uk/pdfdocs/Cheques%20and%20Cheque%20Clearing%20the%20Facts%20Sep%2005.pdf

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• richardw Well-Known Registered Posts: 108

  January 2008

  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 & external

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