[Gllug] security check

[t.clarke]

Instructing your bank regarding signatures on cheques is pretty pointless
unless you are signing cheques for LARGE amounts.

The simple fact of banking life is that Banks do NOT check signatures on cheques
against the relevant bank mandates unless the cheques satisfy certain criteria
(mainly the value thereof!).   It simply is less costly to cough up for
fraudulent cheques below a certain value than to employ staff to check every
signature.  What the 'threshold value' and and other criteria for checking
signatures might be I have no idea!   In the distant past, for a bet, I had a
friend sign one of my cheques with a signature that spelt my name but was
easily recognisable as bogus.  The cheque simply cleared in the usual way.

I note that my Companys bank images both the front and reverse of every cheque
presented,  so I assume that some computer system will select cheques for
verification against whatever criteria are set by the Bank and then present
an image of the cheque on an employee's screen together with an image of the
mandate form, for simple comparison. Of course they may even have a
sophisticated computer system that can do the comparison (it would have a hard
time with my scrawl of a signature !).

Tim
-- 
Gllug mailing list  -  Gllug at gllug.org.uk
http://lists.gllug.org.uk/mailman/listinfo/gllug