Businesses in Trinidad and Tobago are on high alert as a surge in fraudulent cheque activity threatens to undermine the distribution of critical grant cheques particularly those designated for Senior Citizens’ Pensions, Disability, and Public Assistance Grants.
The Ministry of Social Development and Family Services issued a stern warning in response to this emerging threat, urging financial institutions, supermarkets, and District Revenue Offices to exercise utmost vigilance during cheque processing for payment purposes.
Targeting vulnerable grants
The ministry has reported recent incidents of fraudulent cheque presentations, with a specific focus on grant cheques allocated to Senior Citizen’s Pension, Disability, and Public Assistance Grants.
This alarming trend has seen a significant increase in counterfeit cheques surfacing in the last few months.
Zero tolerance by the Central Bank
In a bid to counteract this growing issue, the Ministry emphasized that any cheque determined to be counterfeit would face rejection by the Central Bank.
The severity of the matter has led the ministry to strongly urge all vendors to take immediate action by scrutinizing cheque acceptance procedures.
This vigilance is essential to safeguarding businesses from potentially crippling financial losses.
Report suspicious activity
Businesses encountering instances of fraudulent cheque presentation are encouraged to report these incidents promptly to the Trinidad and Tobago Police Service (TTPS).
This reporting system is vital in tracking and addressing fraudulent activities swiftly.
Direct deposit as a secure alternative
To address the ongoing threat, the Ministry not only calls for heightened awareness but also encourages clients to opt for the Direct Deposit service.
By doing so, they can ensure the prompt and secure receipt of their grant payments, significantly reducing the risk of falling victim to fraudulent activity.
