How To Recover Funds From IBC Cheque Fraud

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Cheque fraud is a dominant figure in the financial crime catalogue, most banks have a preventive system in place to flag a cheque that has any fraud characteristics in it but sometimes fraudulent cheques get through the system. We will be discussing how to get your money back from a fraudulent cheque, the methods that will be discussed will not apply only to IBC but to all financial service providers.

A cheque fraud can be described as depositing a fake or tampered cheque. Cheque frauds are becoming common in many countries, and therefore, it is important to learn about the various type of cheque fraud and learn how to not fall victim to one. In this article, we will be talking about the different types of cheque fraud we have, appropriate channels to take towards recovering your funds and preventive techniques against cheque fraud.

A standard cheque fraud is when someone you have been talking to someone online sends you a cheque after creating a bit of familiarity with you, might be an online lover or just a friend. This person asks you to deposit the cheque into your account and send the money to him/her using a wire transfer or other means. Examples of where this can occur include an internet collection job, online lottery or an inheritance scam, or a customer intentionally overpaying for a product purchased with a fake cheque, and they inform you to send the excess payment back to them, that way you lose your product and funds. Cheque fraud is one of the riskiest types of financial fraud as you will be held liable for any credits deposited to your account from a fraudulent cheque.

How to recover your funds

It is already stated in the agreement you signed with the bank that you will be held liable for any fake or fraudulent cheque deposited into your account so going to your bank to get your money back is not possible. The option you have is to trace the person that gave you the fraudulent cheque by hiring a fund recovery expert. A fund recovery expert works independently and can also go to the bank or financial provider of the person you sent the money to and also work with the appropriate authority toward recovering your funds.

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Different types of Cheque fraud:

Fake Cheques: Under this type of fraud, a cheque that looks authentic is created by the scammer, done by copying from an authentic cheque, and the victim accepts this cheque without knowing it is fake.

Cheque manipulation: Here, the scammer alters the details on a legit cheque intentionally such as the amount, date and/or details of the recipient. The manipulation is done with the intention to defraud.

Magic ink technique: In this type of scam, the scammer gives you a magic pen to use when you want to fill a sensitive part of the cheque like the amount to be paid. What is special about this magic pen is that the wording disappears after some time and the fraudster then input what they want to later such as entering the desired amount.

Theft: Here, an authentic after being signed is stolen and the fraudster or thief deposits the cheque and collects the money. Simply put, the cheque is stolen and the thief claims ownership.

Preventive measures that can be undertaken to avoid cheque frauds:

Thankfully most of these methods are common easy and effective ways that you can be used to avoid being a victim of cheque fraud. These includes;

Always ensure proper examination of a cheque before collecting or signing one to ensure that it is not a manipulated cheque, you can check for any overwriting of cancellation and also for basic cheque etiquette you bank put in place for security reasons.

Never issue cheques to unknown entities and ensure to have proper written communication in place whether an agreement or otherwise regarding the cheque number.

Ensuring the safety of your cheque-book to prevent any potential fraud or manipulation of the same.

Update your security features with your bank, such as two-factor authentication on mobile apps, proper notification where possible, including dual signatories for a cheque approval as an enhanced security feature.

Form a habit of checking your monthly financial statement from your bank and also be conscious of bank alerts sent to you, check for any mal-practise on the alert sent. Inform the bank immediately of any case of fraud.
It is also important to use other banking methods instead of solely relying on cheques. Especially when it involves a third party, use other secure banking methods.

Whenever you want to write a cheque for someone make sure you use your pen and avoid collecting a pen from someone else when filling a cheque.

If you are a victim of a forex scam, binary scam, cryptocurrency scam, romance scam, tax scam, pension scam, or any other scam, file a complaint against Trade360 and tell us your case. Let us help you in fund recovery!