A criminal tells you they are a government official from another country, and that they need your help getting funds out of the country. The Internet is an ideal medium for misrepresentation; disguising identities and misrepresenting qualifications online is much easier than in person. The stories vary, but the results are the same: fraud and financial loss. Any investment opportunity you learn about via the Internet should be approached with extreme caution and be fully investigated before you invest. Even with the advent of electronic payment products, cheques still account for billions of payments each year, making them a prime target for criminals. If you like what you're reading online, why not take advantage of our subscription and get unlimited access to all of Times Higher Education's content? for a CIBC banking centre or ATM. We're sorry, CIBC Online Banking is currently unavailable. These fraudsters have used a variety of methods to initiate this scam: Protect your business from this type of scam by advising your Accounts Payable team that whenever a supplier contacts them and requests that they update sensitive, high risk information (such as banking information, company mailing address, key contact names, or business name), they should make a return call to a trusted contact person at the supplier to validate that this request is legitimate. This helps to minimize the risk of cheques being intercepted, Destroy unused cheques from closed accounts immediately, Checks and Balances - split responsibilities so that no one person is responsible for cheque issuance and reconciliation. One is that that they are reputable, independent analysts. Cheque fraud is among the oldest and most common forms of financial crime. If you suspect that you have been a victim of fraud, contact 1-888-872-2422Opens your phone app.. CIBC will never ask for your email password. Please enable cookies on your browser and try again. This includes personalizing CIBC content on our mobile apps, our website and third-party sites and apps. Cheque Fraud. Now, with advances in telephone technology, it is possible for these criminals to make fraudulent calls and have the call display show the legitimate bank or credit card companies name and telephone number. Registration is free and only takes a moment. To speed things up, many clients see a significant advantage in products like: CIBC Business Banking, our Internet banking platform, Positive Pay, which matches cheques presented against your own cheque issue files and identifies all exceptions for a Pay/No Pay decision, Corporate Clearing, which helps large volume cheque issuers manage the daily processing and reporting of paid items, When re-ordering cheques, use a continuous set of serial numbers, Order only one set of cheques per account, When laser-printing cheques, issue multiple passwords to those responsible for cheque printing and use cheque paper with toner anchorage to permanently bond toner ink into the paper, Use high quality cheques employing a reasonable mix of security features. But you need to pay service fees before receiving the funds. Der Begriff Ad-Fraud bezeichnet das betrügerische Vortäuschen einer nicht oder falsch erbrachten Werbeleistung. Earlier this month, a report produced by the anti-corruption agency Transparency International exposed the extent of fraud in international higher education. Your securities regulator can tell you whether an individual or company is registered to trade or advise in your area and whether the company selling the securities has filed a prospectus. Opens a new window in your browser, Arabic. Eight examples of fraud? Some will even give you money to earn your trust. You'll get full access to our website, print and digital editions. The full CIBC website is available in English and French. Some simple precautions can keep you from becoming a victim of Internet investment fraud: The telephone has long been used by criminals to make calls pretending to be a bank investigator, examiner or an employee of a bank or credit card company. The closure of Sungwha College followed embezzlement by its founder, while employees at Myungshin were also alleged to have stolen funds. By accepting and re-directing electronic deposits (such as wire transfers), you could be participating in a money-laundering scheme if those deposits were proceeds of a fraud or other criminal activity. The closures forced enrolled students to seek places in other institutions, while students who were promised places in the future had to seek alternative placements. In 2011, South Korea’s education ministry closed two universities down after they committed “serious corruption and irregularities”, AsiaOne News reported. You receive monies and then forward them. The other is that they have a vested interest in the investment. Never conduct financial transactions on behalf of strangers, Be wary of any offer that sounds too good to refuse, Be aware that cheques and other funds deposited into your account can be reversed long after the funds have cleared, Never wire funds until the legitimacy of the cheque or electronic deposit is confirmed, If you suspect a cheque may be fraudulent, we recommend that you have the cheque certified at the issuing bank (the bank which appears on the cheque); you can also instruct your CIBC branch to send the cheque to the issuing bank "on collection", Contact the Canadian Anti-Fraud Centre at, They send a false fax designed to look like a legitimate fax from the actual supplier, or, They send an e-mail from a phoney e-mail account, claiming to originate from the actual supplier, or, They call an individual in the Accounts Payable area with the request, and follow up with a false fax or e-mail, as described above, Do not advise the individual making the request that the validation call will be made, Do not use any new telephone number(s) provided by the individual making the request, Evaluate the information you get online in the same way that you would a whispered hot tip from a stranger, Exercise healthy skepticism, especially around investment opportunities in remote places where a full investigation is difficult, or opportunities that cannot be explained in simple business terms, There's no such thing as inside information - if it's true, it's illegal to divulge for trading purposes; if it's false, it has no value beyond hype.