Beware of Counterfeit Cheques: Ministry Warns Financial Institutions
Counterfeit cheques have been on the rise, causing concern for the Ministry of Social Development and Family Services (MSDFS). Reports of fake cheques related to Senior Citizens’ Pension, Disability, and Public Assistance Grants have prompted the ministry to issue a warning to all financial institutions. To combat this growing issue, stringent verification processes are being advised for vendors and financial institutions when accepting cheques for payment.
Here are some crucial points to consider:
- Supermarkets, groceries, and District Revenue Offices should exercise extra caution when processing grant cheques.
- Measures have been put in place by the ministry to tackle counterfeit cheque fraud, but the risk remains high.
- Any cheque identified as counterfeit will not be honored by the Central Bank.
- Grant recipients are urged to opt for Direct Deposit services to safeguard against fraudulent activities.
- Suspected counterfeit cheques should be promptly reported to the police service.
It is imperative for financial institutions to stay vigilant and alert during the processing of grant cheques to prevent falling victim to counterfeit activities. By following the recommended verification procedures and adopting safer payment methods like Direct Deposit, the risks associated with counterfeit cheques can be significantly reduced.
In conclusion, the MSDFS is actively working to address the issue of counterfeit cheques circulating in the system, but cooperation from all stakeholders, including financial institutions, vendors, and grant recipients, is crucial in combatting this threat effectively. Stay informed, stay alert, and report any suspicious activities promptly to the authorities. Let’s work together to ensure the integrity of our financial systems and protect vulnerable individuals from falling prey to counterfeit cheque fraud.
