By Michael Eboh
Tripple Gee and Company Plc has launched a new device called Rite-code, to tackle the menace of cloned cheque and forgery in the country.

According to the Managing Director/Chief Executive Officer, Tripple Gee, Mr. Gbade Giwa, cheque cloning and forging has been on the upside, especially with the development in information technology.

He noted that cheques forgery (cloning) has attained a worrisome level in the local and international financial landscape going by its negative impact on the global economy

He said, “The advent of new technologies has added to the spread of cheque cloning fraud with all manner of printers, software and other technologies being used to make cheques that look so perfect that it would take experts a lot of laboratory analysis before the forgery can established.

“Recent reports indicated that cases of fraud and cheque forgeries for the last quarter of 2009 were 762 with a value of N2.37 billion.

Giwa, however, noted that with the launch of the new device, the activities of forgers could be checkmated.
According to him, this solution, which is already being deployed by a number of banks in Peru, South America, is the brain child of Security Printers Association of Peru.

“This device can comfortably be deployed in the Nigerian economy and save billions of lost Naira as well as embarrassment to the banks. It will also save time lost each time forgery attempt is made,” he said.

Giwa noted that the company, as parts of effort targeted at curbing the menace  cheque forgery, had organised a seminar in that regard, a couple of months ago.

Giwa explained that technical analysis of the device shows that it is a combination of processes between the printer, the bank as well as the account holder.

He said, “A demonstration by the developer of this device shows that it is absolutely difficult for cloned cheques to be paid either over the counter or through the clearing system.

“Even where connivance takes place, either in collusion with insiders of any of the three parties, this will be clearly and easily detected, and liability can be squarely placed on whoever is the culprit.

“This would save the banks any embarrassment and financial losses they are currently incurring. What is more, the cost of the device is a peanut per unit cheque when the security, peace of mind it provides is considered.”

He said that for too long, banks have been subjected to bear the liability of cloned cheques particularly where the targeted victim is a high networth individual customer of the bank, explaining that the bank do not want to incur the wrath of this very important customer.

“Besides, it has been very difficult to prove the guilt of any of the stakeholders, that is, the printer of the instrument, the bank, or the account holder, or the staff of any of these three.

“Sometimes, the cloned instrument looks so perfect that it would take thorough laboratory analysis to be able to establish the forgery.

“But with the new device the ugly trend would not only be checked but also the particular person(s) involved can be detected,” he said.

Giwa stressed that in a period where banks are facing stiff competition and are looking for ways to reduce cost, they cannot afford to lose billions of Naira to cheque cloning, saying hence it is advisable for banks to deploy this device.