Wednesday, April 16, 2014

A Way to Eliminate Cheque Fraud

Cheque Fraud
Cut and paste forgery. - STAR

To the editor
The Star Daily Malaysia

As featured in your recent article, millions of ringgits are lost each year alone in Malaysia. Crooks are getting better in using technology in check forgery scams. Billions of dollars has been lost worldwide and billions more will be lost in the future. And cheques will continue to be used for the foreseeable future.

I have an idea that can eliminate cheque frauds once and for all. It is simple, all banks are required to set up a login page for all cheque users to register every cheque (the number, amount, date and payee) once they are issued, including post dated cheques. And the banks will release the money only if they tallied with the cheques presented. The cost will be minimal as all banks have online banking service. All entries will be done by the cheque issuers. And it is a small price to pay for eliminating the danger of being scammed.

No comments:

Post a Comment