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A secure cheque substituting payment method – WANTED, but which one to choose? Wednesday 18 August 2010 | 11:51 AM CET

Payments fraud is still a pressing matter for the business community and individuals alike. Fraud costs the UK over GBP 30 billion a year, according to estimates released by the National Fraud Authority (NFA), the UK Government's strategic lead agency on fraud. In the private sector, the report (released in January 2010) shows that the financial services industry recorded the highest loss to fraudsters, estimated to be GBP 3.8 billion, with GBP 1 billion in mortgage fraud and over GBP 2 billion lost in insurance fraud, with fraud in plastic cards, online banking and cheques comprising most of the remainder.

Keywords: alternative payment method, online payment, cheque, fraud, Peter Warner, Experian Payments, National Fraud Authority, The Payments Council

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