What Should We Pay Attention to When Using a Cheque-book?

What Should We Pay Attention to When Using a Cheque-book?

Despite the evolving payment systems, cheques are still widely used in commercial transactions. That's why we have designed the "Manim Cheque Module" to manage all the processes related to cheque from start to finish. In this article, we aim to provide information about check fraud, which has caused significant problems for many companies, based on our knowledge and experience in the finance sector.

Always write the amount in words.

One of the most commonly used methods by scammers is tampering with the amounts written on the check. For example, the digit '1' can be altered to look like '7', making a 100,000 Turkish Liras check appear as 700,000 TL. Therefore, it is crucial to write the check amount in words and to prevent any alterations by placing symbols like '#' on both sides of the written amount and the numerical amount.

Be sure to keep cheque-books on record

When do you realize that a cheque-book in your possession is lost? Probably when a cheque from that cheque-book comes your way! And most likely it will be on the due date of that check, and you will have to make a lot of effort to stop the payment. Therefore, make sure to keep a record of your cheque-books in a designated place and reconcile them periodically. Remember, there is no limit to the amount that can be written on a cheque leaf!

Record the image of every cheque you receive and issue, to keep track of your transactions

Remember that your responsibility for endorsed cheques continues until the cheque is paid. In case the cheque is not honored, the holder of the cheque can approach the issuer as well as all endorsers to claim the amount. Therefore, it is important to keep track of all endorsed cheque and monitor their due dates. With the "Manim Cheque Module," all transaction records and endorsements will be kept in the system.

One of the most commonly used methods by cheque fraudsters is to produce copies of existing cheque leaves and circulate them in the market. When individuals conducting cheque intelligence find out that you are the issuer, they will act accordingly. By checking the information from these records for every cheque that is presented for verification, you can prevent such fraud as early as possible. 

Make sure that the signature is executed by authorized individuals

If you are receiving a cheque from an unknown customer, it is crucial to request signature circulars and verify the signatures. The Findeks barcode cheque application provides a convenience in this regard, as scanning the barcode on the cheque reveals the authorized signatories. 

One of the methods used by fraudsters is to change the company representative after issuing the check and then evade payment on the excuse of "this check was not signed by an authorized person" when the payment date arrives. As there is no record of the date the check was issued, you are very likely to become a victim in such a situation. Findeks provides a solution for this as well by enabling the registration of checks into the system through its mobile application. This service is completely free, and by scanning the barcode on the check, you can register it and record your involvement on that date. With the Manim mobile application, you can capture the image of the check and store it in the system immediately when you receive it in the field, thus creating evidence against such fraudulent attempts.

Cheque Intelligence 

The most important question, of course, is whether this cheque will be paid or not. It is important to remember that asking finance institution employees about "whether this company will honor the cheque or not" and obtaining information about the drawer from them is a serious offense within the scope of the Personal Data Protection Law. Recently, many finance institution employees have received penalties and lost their jobs for disclosing such information outside their organization.

Findeks is the most reliable data source in this regard. However, analyzing this data and making decisions based on it is a time-consuming and expertise-requiring matter. With the "Manim Cheque Analysis" system, you can perform this process within minutes using reliable data and a standardized decision algorithm, minimizing your collection risk. You can find more detailed information in our article titled "Manim Finance Cheque Analysis, Acceptance, and Registration System".