Bank of Ireland customers have been warned of a rise in counterfeit bank drafts and cheques.
Mr Gerry Gibson, manager of the group fraud prevention unit at the bank, today said the growth in attempted fraud was causing concern.
In the twelve months to March 31st, this year, the bank said 197 incidences of draft fraud were reported, on drafts with a value of €8.4 million.
However, in the four months since then there have been 420 cases of attempted fraud using bank drafts, with €5.4 million at stake.
He gave the example of fraudsters who respond to advertisements for goods or services for sale and agree to buy the product, saying they will pay by cash or bank draft.
The fraudster then sends a counterfeit cheque or bank draft often in excess of the agreed sale price and asks the customer to refund the difference. In this instance the fraudster aquires the addtional cash and also the item for sale.
To combat this fraud Mr Gibson suggested that customers confirm a cheque or bank draft was genuine with the bank from which it was issued before releasing any goods, or refunding any excess monies due.
The bank warned that as security measures on electronic banking improved, fraudsters were returning to paper transactions.