THE recent case of deposit slip fraud, perpetrated on the account of Boland Bikes, highlights the importance of verifying the nature of deposits before releasing goods to buyers.
Despite ongoing efforts to warn clients of the existence and nature of such scams, fraudsters are still successful. The modus operandi is always the same: A fraudulent cheque is deposited and misrepresented as either cash or an electronic funds transfer (EFT).
Once the deposit is effected, the perpetrators will either create or amend a document that creates the impression the funds credited are cleared.
They may amend the cheque deposit slip to reflect as cash, or generate a fraudulent internet payment confirmation.
Nedbank is sympathetic towards Mr Perold and understands what a loss of this nature means to a business.
An investigation was carried out after we were alerted to the incident by Mr Perold and it was found that reasonable measures were taken by the bank to prevent the fraud. Unfortunately the nature of the deposit was not confirmed by the client before the goods were released. This has been explained to Mr Perold, who accepted the bank’s position.
We will work with our client in an attempt to apprehend the fraudsters.
People accepting deposit slips or faxed copies of internet payments are strongly advised to contact their bank’s home branch to confirm the nature of the deposit, always insist on verification that the payment into an account represents a cash deposit or an internet transfer and lastly, delay the delivery of goods until such time as the nature of the payment can be confirmed.
Greg Harwood
Nedbank Corporate
Media Relations
