Companies in Trinidad and Tobago are on excessive alert as a surge in fraudulent cheque exercise threatens to undermine the distribution of important grant cheques significantly these designated for Senior Residents’ Pensions, Incapacity, and Public Help Grants.
The Ministry of Social Growth and Household Providers issued a stern warning in response to this rising risk, urging monetary establishments, supermarkets, and District Income Places of work to train utmost vigilance throughout cheque processing for fee functions.
Concentrating on weak grants
The ministry has reported current incidents of fraudulent cheque displays, with a selected concentrate on grant cheques allotted to Senior Citizen’s Pension, Incapacity, and Public Help Grants.
This alarming pattern has seen a major enhance in counterfeit cheques surfacing in the previous few months.
Zero tolerance by the Central Financial institution
In a bid to counteract this rising challenge, the Ministry emphasised that any cheque decided to be counterfeit would face rejection by the Central Financial institution.
The severity of the matter has led the ministry to strongly urge all distributors to take speedy motion by scrutinizing cheque acceptance procedures.
This vigilance is crucial to safeguarding companies from doubtlessly crippling monetary losses.
Report suspicious exercise
Companies encountering situations of fraudulent cheque presentation are inspired to report these incidents promptly to the Trinidad and Tobago Police Service (TTPS).
This reporting system is important in monitoring and addressing fraudulent actions swiftly.
Direct deposit as a safe different
To deal with the continuing risk, the Ministry not solely requires heightened consciousness but additionally encourages purchasers to go for the Direct Deposit service.
By doing so, they will make sure the immediate and safe receipt of their grant funds, considerably decreasing the chance of falling sufferer to fraudulent exercise.
