The UAE Central Bank has extended the deadline for banks to replace old cheques with a new more secure cheque books by six more months, until the end of the year.
The new cheques that would replace old cheques in use will incorporate a print technology which will make them 'safer', as it will use the latest Thermo-chromic Sensitive and Chemical.
Being Thermo chromic Sensitive the new cheque will prevent fraudsters from using the colour photocopy of cheques to cheat, the chemical sensitivity will render it impossible for anyone to tamper with the signature or remove or alter the content on the cheque leaf.
Banks said they need a further six months to reach a reasonable level and create more awareness among its customers after many of them have not yet responded to banks’ requests to replace their old cheques,’ one source said.
The Central Bank, in a circular to banks last year, had asked to switch to the new money tools in a bid to prevent fraud and set a deadline at the end of 2010. It later extended the deadline to July this year.
Banks across UAE wanted extension to avoid confusions.