The Trinidad and Tobago Police Service (TTPS) Friday warned business owners, retailers, service providers, and members of the public of fraudulent cheques being used to obtain goods and services.
The TTPS Fraud Squad said in this scheme, fraudsters present counterfeit, altered, forged, or stolen cheques as payment for goods or services, while they often create a sense of urgency, requesting that goods be released or delivered immediately.
‘Businesses that release goods before confirming that the cheque has been successfully cleared, may suffer significant financial losses when the cheque is subsequently returned unpaid,’ the TTPS said.
It said that the fraudsters may request quotations for large orders via the telephone or WhatsApp as well as present a fraudulent cheque to purchase high-value goods or services.
In other instances they present a screenshot of the fraudulent cheque or deposit slip and claim that the payment has already been processed or will clear shortly, the TTPS said, adding that the fraudsters would also pressure staff to release goods immediately due to an alleged emergency or urgent deadline or arrange for a third party or courier to collect the goods before the cheque is dishonoured,
The police said that businesses should be alert if the purchaser places a large order over WhatsApp or via telephone and or insists on taking possession of goods before the cheque has cleared.
The police said that other warning signs include the cheque appearing to have been altered, damaged, or containing inconsistencies and that the purchaser is reluctant to provide valid The TTPS Fraud Squad is recommending that businesses should never release goods or provide services until the cheque has been fully cleared and the funds have been confirmed by their financial institution,
Business es are also urged to maintain detailed records of all cheque transactions, including invoices, customer information, identification details, and vehicle registration numbers where applicable. They are also urged to install and maintain CCTV systems to capture customer transactions,
‘A cheque being deposited does not mean that the funds have been cleared. Always wait for confirmation from your financial institution before releasing goods or completing services,’ the TTPS said, adding ‘when viewing your bank statement online, ensure the funds are available and not current balance’.