Cardiff based accountants Graham Paul, are warning businesses and consumers in Wales to be aware of a predicted increase in cheque fraud, following the launch of chip and pin technology.

For the first time in a number of years, cheque fraud is reported to be rising as increased security on credit cards, has forced criminals to turn their attention back to cheques as a method to defraud businesses and the general public.

John Squire, partner at Graham Paul explains “Chip and pin has been successful in the fight against card fraud. However, this means criminals are being forced to move elsewhere and use less secure payment systems. It is more important than ever that companies ensure that all forms of payment are as secure as they can be.”

Prior to chip and pin, technology such as BACS made electronic payments secure, however there is less security surrounding cheque payments.

John concludes “As businesses deal with so many transactions and cheques, they are usually the prime target for fraudsters. It is therefore important to ensure cheques are made as secure as possible.

“Its not only businesses who need to be careful, consumers should watch out as well, selling items on websites is now more popular than ever, so if a buyer sends you a cheque, you should ensure you also have all their details, in case any problems occur.”

For more information on cheque fraud contact Graham Paul on 01656 679800.