New Delhi, March 25 -- As scams grow more sophisticated, at least you have one less thing to worry about-cheque fraud. The Reserve Bank of India (RBI) implemented the Positive Pay System (PPS) back in 2021, which has emerged as a powerful tool to fight cheque fraud in India, especially for large-value transactions. The PPS adds an extra layer of security, ensuring every large transaction is verified before processing.

The Positive Pay System (PPS) is a fraud prevention mechanism that requires account holders issuing cheques of Rs.50,000 or more to share key details with their bank before the cheque is processed. These details include the cheque number, date, amount, and payee name.

When the cheque is presented before clearing, the bank ...