Protecting your cheques is important as letting others have access to them exposes you to the risk of fraud.
Here are some basic precautions -
1. Do not pre-sign cheques. If this is unavoidable, only sign a few and place them into the hands of one person who wil be monitored by another.
2. Set withdrawal limits on each cheque so that any forger will have to sign several in order to steal a large amount.
3. Monitor how many cheque books the bank has issued to your company. This is to ensure that employees do not make requests for such without your knowledge, or intercept them when the cheque books are sent to you.
4. Do bank reconciliation statements every month as they will warn employees that any dishonesty will be quickly caught. Some cases of forged cheques involved dishonesty over a long period of time.
5. Something unusual - ask every employee's spouse to sign an indemnity - he/she will be responsible for any fraud caused by the spouse. Depending on how badly employee wants the job, this may be difficult to achieve.
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