Cheque fraud is a growing concern that affects not just individuals but also businesses, large and small. As accounting professionals, we have a unique opportunity to guide our clients through the maze of financial security. Take, for example, the recent case of an Ontario businessman who lost $38,000 due to cheque fraud. He didn't report it in time and had to bear the loss. This is where we can step in and make a difference. Read the full article here https://toronto.ctvnews.ca/ontario-businessman-loses-38k-in-cheque-cashing-scam-1.6577559
The Importance of Timely Monitoring
The clock starts ticking the moment a fraudulent cheque is cashed. Most banks offer a limited window—often just 30 days—to report the fraud. This is a crucial piece of information that many clients may not be aware of. Educating them on the importance of timely monitoring can be a game-changer and a value-add to your services.
The Role of an Accounting Professional
As experts in financial management, we can offer more than just end-of-year tax reviews. Regular account monitoring is a service that can set you apart from the competition. By actively keeping an eye on your clients' accounts, you can flag suspicious activities early on. This not only saves your clients money but also strengthens your relationship with them.
Tips to Share with Clients
Here are some actionable tips you can share:
Secure Storage: Advise clients to keep their cheques in a secure location, not just lying around in the office.
Regular Checks: Offer weekly account monitoring as a part of your service package.
Prompt Communication: Make it a point to alert clients immediately if something seems off and advise them on the next steps.
Digital Alternatives: Educate clients on the benefits of electronic payments, which are generally more secure than cheques.
Cheque fraud is a real and growing threat, but it's also an area where we can offer significant value to our clients. By providing education and proactive services like regular account monitoring, we're not just number crunchers; we're financial guardians. So let's take this opportunity to go above and beyond, ensuring our clients' hard-earned money stays right where it should be.
Until next time,