By Ademola Alawiye

Tuesday, 23 Nov 2010

Given the high level of cheque cloning and forgery in the financial services sector, banks and other institutions have been urged to employ sophisticated technology to battle the endemic problem.

According to a statement by Panabiz International Limited on Monday, a provider of office automation solutions and consumer imaging solutions in Nigeria, the advent of new technologies has added to the spread of cheque-cloning fraud.

The General Manager, Panabiz, Mr. Kunal Malhotra, said, ”The introduction of all manner of printers, software and other technologies has made it difficult to identify fake cheques. These technologies make them look so perfect that it would take experts a lot of laboratory analysis before the forgery can be established.”

According to him, cheque remains an important method of payment in Nigeria, and for businesses to be able to process payment quickly and efficiently; they require cutting chambers promoter non oil experts edge technology to ensure that they are read as accurately and efficiently as possible.

Malhotra said, “There are some technological devices that are designed to detect cloned cheques. With these devices, the activities of forgers could be checkmated and millions of naira hitherto lost by banks could be saved.

“This solution is already being deployed by a number of banks in some developing countries. This device can comfortably be deployed in the Nigerian economy, and save billions of lost naira as well as embarrassment to the banks. It will also save time lost each time forgery attempt is made.”

The statement further said, “The newly introduced canon cheque scanners offer enhanced image processing and integration, ensuring accurate capturing and management of cheques for the banking and financial markets.”

 

Source: Punch