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Commercial & Private Banking Presentation to Kent County Council

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Presentation on theme: "Commercial & Private Banking Presentation to Kent County Council"— Presentation transcript:

1 Commercial & Private Banking Presentation to Kent County Council
October 2014

2 Introduction RBS Pat Harvey – Relationship Director
Joanna Capon – Assistant Relationship Director Sandie Shoebridge – Service Delivery Manager

3 Purpose of this Presentation
Cheque frauds Discuss Invoice fraud Corporate Cards Bankline Phishing s Bank note forgeries Advice on spotting fraudulent requests Questions & answers

4 Cheque Fraud This remains one of the largest area of fraud faced by industry and banks because the risk of fraud is present at virtually every stage of a cheque’s lifecycle.

5 Cheque Fraud “ … in the past year the Banking Industry successfully identified over 90% of all fraudulent cheques as they went through the cheque clearing process”.

6 Cheque Fraud How do you ensure you do not become a target?
Always keep cheques in a secure place and always separate from the bank mandate Never leave cheques lying around Never hold stocks of pre signed cheques Compare underlying paperwork with all cheques written Use cheques in serial number order Ensure all cheques remain in the book and none are removed from the middle or towards the back Undertake cheque stock and cheque audit regularly Reconcile Bank statements If a company contacts you to advise you of non receipt of a cheque ‘ Stop ‘ the cheque immediately If you are due to receive a new cheque book and it doesn’t arrive , Contact the BANK

7 Cheque Fraud Issuing Cheques
Always start writing at the far left hand side Write your cheques using a black or Blue Ballpoint pen or a pen with indelible ink. If you enter details with a printer make sure approved machines and Toners are used Pay particular attention to the payees name Do not leave large spaces between the words or £ sign. It is good practice to write the word ‘ only ‘ after writing the amount in words Never use the word ‘ Nil’ use the word Zero You should draw a line through all unused spaces so fraudster cannot write in extra names or change the amount. If you print the cheques ensure that software adds in any blank spaces with asterisk ****** If you need to make amendments these should be made clearly by crossing through the error and initialling or signing the correction Limit the value of the cheque by writing in red ‘chequenottoexceedtenthousandpounds’ at the top of the cheque Do not issue post dated cheques

8 Cheque Fraud Accepting Cheques / Bankers Draft
Cheques and Bankers Draft can be forged or altered, and you should be wary of any changes / alterations You should always try to accept a cheque or Bankers Draft only if you know and trust the customer presenting the Cheque and or Bankers Draft for payment of goods Be aware until the end of the 6th working day after you have paid a cheque into your account there is still a risk the bank can reclaim the money should the cheque turn out to be stolen, counterfeit or fraudulently altered If you are selling high value goods, then always ask for a safer payment to be made via electronic means e.g. chaps, faster payment or cash Pay cheques in promptly – if you leave it longer than 6 months there is a possibility that the cheque may be returned unpaid Never accept a cheque for a higher amount than you are expecting especially if the drawer is requesting a refund immediately of the overpaid amount by electronic means

9 Invoice Fraud There is an increasing trend in this type of fraud where the fraudster is seeking to induce a change in bank account details that may be held in an office management system or simply for a one-off payment to be made to their account.

10 Invoice Fraud How do you ensure you do not become a target?
Ensure any request to change bank details for a payment to be made is verified by calling a known contact at the Company to confirm the change. Regularly review records held on your system to ensure they are still up to date Remove historic records if payments are no longer being made, as the could be out of date Always use established records to obtain Customer contact numbers – Never rely on contact data on an invoice/ /letterhead . Consider how your business identifies and selects new Suppliers . Be wary of Cold Callers /unsolicited approaches by phone

11 Corporate Cards What do I need to remember
A card purchase is a purchase on behalf of the school and the normal procurement rules apply, including receipts or invoices You are personally responsible for all purchases made and statements need agreeing and paper work submitted in a timely manner If a card is lost or stolen report it immediately to prevent being responsible for any fraudulent transactions Run your finger around the Card slot to ensure nothing has been attached When using the card you should cover your hand when keying the PIN and not let the card go out of your sight Cards on line – register on cards on line and you will receive an when your monthly statement is ready to print. Cards on line also allows you to view your expenditure at any point in the month and be aware if you are approaching your limit An administrator of the system (perhaps the Bursar) can register on Cards on line and pull off all card statements monthly and to card holders

12 Bankline – Ease of use Features and benefits
An easy to use, internet based system which allows you to view real time information on your account and export details into your accounts package for monthly reconciliation Payment facility which allows for a number of types of electronic payments to be made including next day or future dated payments and Chaps payments Payments can be imported from your accounts package straight through to authorisation in Bankline System allows greater control of cash flow, aware of funds received and payments debited on the date of your choice Electronic payments are quicker and cheaper to prepare and send than cheques, with no postage and stationery fees. Payments can be diarised for up to 90 days in the future allowing payments to be authorised in term time and released during the holidays when invoice due Friendly Bankline helpdesk in Edinburgh to answer any questions about the system and walk through any issues you may have with you Secure internet system as long as the three golden security rules are followed: We will never ask you for your full PIN or password, only 3 random digits from each, we will never ask for your PIN, password or smartcard codes over the telephone and we will never ask for smartcard codes to log into the system, they are only used to authorise payments

13 Bankline Costs In agreement with the Council NatWest have already tailored a school’s package. We currently allow the schools to have their own Internet Bankline facility to access up to 3 bank accounts (including school fund accounts) for a fee of £5 per month. This also includes a BACS Payment facility, historical statement information and free voucher imaging. Balance transactions and FREE voucher imaging – £5 per month Future Dated Faster Payments (BACS) – 28p per payment CHAPS - £10 per payment Same Day Faster Payments - £3 per payment Inter Account Transfers - FREE Stops – Manual & Electronic - £3.00 per instruction

14 Cost of Issuing Cheques
DCL Print cheques £ VAT £ = £ 1 Cheque = £ 0.18p Postage 1st Class =£ 0.62 p 2nd Class =£ 0.53 p Cost of each manual debit passed to KCC account =£ 0.075p + Letter and Envelope and staff time + time added on for reconciling the Bank statement Future Dated Faster (BACS) payment = 28p no reconciliation or waiting for cheque to be presented no postage costs

15 Bank Note Forgeries What to look out for, and how to stay safe
Be vigilant at all times, and check notes that are being passed for all payments, chances are if someone is trying to pass counterfeit notes and they see you checking them they will try to pass onto someone else Remember to check more than one feature i.e. the feel of the paper, the raised print, the water mark and metallic thread Be aware that those trying to pass counterfeit notes will often try to buy a low value item using a high value note Notes that have been called in are a particular area that counterfeiters target Help available Bank of England Website UV lamps and detector pens Consider having a company policy regarding counterfeit bank notes

16 Common Frauds What to look out for, and how to stay safe
Change of Bank Details Overpayment Clearing Cycle Phishing

17 Advice on Spotting Fraudulent Requests
Before you pick up the phone or respond to an , fax or letter, look out for the telltale signs – and think carefully about what you are being invited to do: A fraud will usually offer you something for nothing, when you have had no previous correspondence or involvement You may notice poor spelling and grammar There will often be a PO Box number in the contact address The fraud may involve payment being made to an unconnected party in a different country You get an 'opportunity' to earn easy money in exchange for an up-front cash fee and perhaps your account details

18 Help and Advice The following sites provides more information on frauds and how to protect your business NatWest Security Advice Centre ( Streamline ( Bank of England ( Office of Fair Trading ( Action Fraud ( Advice on Writing and Receiving Cheques ( pdf) Reporting suspected fraud Report Suspected Fraud Scams to Action Fraud (

19 Questions and Answers

20 This material has been prepared by The Royal Bank of Scotland plc (“RBS”) for information purposes only. It does not constitute a prospectus or offering document in whole or in part and its terms are qualified in their entirety by such offering or other transaction document(s) (the “Offering Document”) issued in respect of the securities (the “Securities”) or the transaction(s) (the "Transaction(s)") described in this material. The information contained herein is confidential and is intended for use only by the intended recipient (each a “Recipient”). The material remains the property of RBS and must be returned on request and any copies thereof destroyed. It should not be reproduced or disclosed to any other person, without the consent of RBS. The investments and investment services referred to herein are available only to persons to whom this material may be lawfully delivered in accordance with applicable securities laws. This material is being distributed only to, and is directed only at, persons who have professional experience in matters relating to investments, falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or to other persons to whom this material may otherwise be lawfully communicated (together “Sophisticated Investors”). It must not be acted on or relied on by, nor are the Securities herein referred to available to any other persons. This material is not available to retail clients within the meaning of the rules of the Financial Services Authority, nor to any persons who are subject to US securities laws and it should not be distributed in the US or to any US person nor in any jurisdiction in which its distribution would be prohibited. By reviewing this material each Recipient represents that it is a person into whose possession the material can be lawfully delivered in accordance with the laws of the jurisdiction in which the Recipient is located. This material should not be construed as an offer or solicitation to buy or sell the Securities or any other securities, or any interest in any securities, and nothing herein should be construed as a recommendation or advice to invest in any securities. RBS acts neither as an adviser to, nor owes any fiduciary duty to any Recipient. This material does not purport to identify all of the risks associated with the Transaction(s). Neither RBS nor any of its affiliates, agents or representatives makes any representation regarding the provision of advice to any Recipient concerning the appropriate legal treatment, regulatory treatment, accounting treatment or possible tax consequences of an investment in the Securities. Each Recipient of the material should make its own independent evaluation of the Transaction(s) and the risks thereof, and of the relevance and adequacy of the information in the material and should make other investigations as it deems necessary, and consult its own legal, tax, and other advisers, in order to determine whether to participate in the Transaction(s). Each Recipient should review any Offering Document prior to making an investment decision and should base such investment decision solely upon the information contained in any Offering Document if one exists. The information contained in the material has been prepared on the basis of information provided by the Issuer or one or more of its affiliates to assist interested parties in making a preliminary analysis of the Transaction(s) and is limited in nature, subject to completion, amendment and change without notice, and will be superseded by the final Offering Document. The material is presented on the express understanding that although the information herein is believed to be reliable, it has not been independently verified by RBS. RBS makes no representation or warranty (express or implied) of any nature, nor does it accept any responsibility or liability of any kind, with respect to the accuracy or completeness of any of the information or opinions in the material. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. Unless otherwise expressly indicated thereon, the material has not been reviewed or approved by any rating agencies. RBS and its affiliates, connected companies, employees or clients may have an interest in the Securities (or related securities or other financial instruments or their related derivatives). This may involve activities such as dealing in, holding, acting as market-makers, or performing financial or advisory services, in relation to any of the Securities referred to in this document. It may also have acted as a manager or co-manager of a public offering of such Securities, and may also have a general banking or investment banking relationship with any companies mentioned in the material. Accordingly, information may be available to RBS which is not reflected in this material. This material is issued by RBS which is authorised and regulated in the UK by the Financial Services Authority. Any views or opinions expressed herein (including statements or forecasts) constitute the judgement of RBS as of the date indicated. Recipients of the material should not rely on any representation or undertaking inconsistent with the above paragraphs. The Royal Bank of Scotland plc acts in certain jurisdictions as the authorised agent of The Royal Bank of Scotland N.V. The Royal Bank of Scotland plc. Registered in Scotland No Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. © The Royal Bank of Scotland plc. All rights, save as expressly granted, are reserved. Reproduction in any form of any part of the contents of this presentation without our prior written consent is prohibited unless for personal use only. This presentation contains numerous trade marks belonging to The Royal Bank of Scotland Group plc and other companies in the RBS Group. These trade marks include, but are not limited to, The Royal Bank of Scotland logo, The Royal Bank of Scotland and RBS. If you are in doubt as to whether an item is a trade mark of The Royal Bank of Scotland Group plc or a member of the RBS Group, please contact us for clarification at the registered office address above.

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