A. Cheque fraud is currently the fastest-growing financial crime. Forecasts indicate that it will increase by 25% a year. It is estimated that commercial fraud, particularly cheque fraud, costs North American businesses more than $20 billion CAD a year.
Despite technological advancements, cheques are still the preferred payment method in North America. Crime rings specializing in this kind of fraud are constantly on the lookout for new trends and are very shrewd. They use new techniques to fraud the banking system and steal money from their victims.
There are 3 main types of cheque fraud: