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Frauds and scams
Cheques are a familiar way to pay everydayexpenses. However,they can be compromised if you aren't careful, soit's important to keep your cheques safe.You'reresponsible for funds deposited into your account by cheque, so it's equally important to know how to spot fraudulent cheques you receive.
Notice anything suspicious? Let us know.
What you need to know
- Fraudsters forge details on cheques to appearlegitimate
- Fraudsters pressure their victims to make payments quickly before the cheques are exposed as fraudulent by financial institutions
- Electronic paymentoptions, such asInterace-Transfer®,aremore secure than cheques
How cheque fraud works
While contactless and electronic payment methods are increasing, cheques are still a very common payment method. Individuals that are more susceptible to cheque fraud include newcomers who've arrived from countries that still use cheques regularly, seniors who don't use online banking technologies, and those who are in vulnerable financial situations such as fluctuating income or debt. Understanding how cheque fraud happens is key to protecting yourself. Here's a common scenario:
- You deposit the fraudster's cheque into your account
- The fraudster pressures you to send money before the cheque clears
- Your financial institution determines the cheque is fake, but you've already lost the money you sent
Types of bad cheques
Counterfeit
Fraudsters design counterfeit cheques to look just like your bank cheques. Counterfeit cheques can also take the form of a cashier's cheque, money order or bank draft.
Forged
Fraudsters steal legitimate cheques and forge your signature.
Forged endorsem*nt
Fraudsterssteal cheques that are written to you. They forge your signature on the back of the cheque and deposit it into their account.
Altered
Fraudsterschange the details on a valid cheque, such as the payee, date or amount.
Stay safe with our tips
Protect your cheques from fraud:
- Store cheques in a secure location.
- Shred unused cheques if you've closed your accounts.
- Check your account regularly and report any unauthorized transactions.
- Take advantage of more secure electronic payment options, such as Interac e-Transfer, direct deposit or pre-authorized payments.
Protect yourself from fraudulent cheques:
- Look for alterations, such as inconsistent handwriting or added letters and numbers.
- Refuse cheques that are made out to someone else but have been signed over to you. It's best to only accept cheques from people you know directly.
- Don't send money or gift cards to strangers after they've given you a cheque to deposit.
- If you're selling something, refuse cheques that are more than the stated price.
- Make sure cheques are dated correctly. Don't agree to hold cheques until a future date or accept post-dated cheques.
- Wait for a cheque you've deposited to clear before you transfer funds.
Notice anything suspicious? Let us know
Contact us immediately if you notice any unauthorized activity on your account.
Report fraud
Explore more about cheque fraud
Canadian Anti-Fraud Centre Opens in a new window.
Report fraud when it happens and track the latest data on fraud happening in Canada.
The Little Black Book of Scams Opens in a new window.
Download the Canadian Competition Bureau's guide to scams in 8 different languages.
Canadian Bankers Association Opens in a new window.
Read about the latest news and trends in fraud awareness and prevention.
