What advice do you have for consumers about being on guard against cheque fraud?

• Don't accept a cheque, or banker's draft, from someone unless you absolutely know and trust them. Be especially wary when accepting a high-value cheque — for instance if you are selling a car.
• Be aware that, even after the value of the cheque has been credited to your account, there is a small risk that the money could be reclaimed IF the cheque subsequently turns out to be stolen or counterfeit.
• Always consider other types of payment for high-value items — an automated payment (takes 48 hours) or a CHAPS payment (a same-day service). There is a small charge for a CHAPS payment but it is a guaranteed same-day value payment. If the buyer is unwilling to pay the relatively small cost involved — or to split it with you — then you really do need to be on your guard.
• Be aware that a bankers' draft is not necessarily safe from fraud. If you receive a bankers' draft in payment for goods you must allow time for the draft to clear before releasing the goods. Bankers' drafts can be stolen or altered like any other cheque and if it is altered, stolen or counterfeit it will not be honoured.

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