Cheque fraud is making a strong comeback in Canada — and property management companies are increasingly targeted. With frequent payments to vendors, contractors, and owners, and lingering dependence on paper-based processes, your firm may be more exposed than you think.
Use this 10-step self-assessment to evaluate your defences.
Cheque Fraud Risk Checklist for Property Management Companies
- Have you eliminated paper cheques in favour of secure electronic payments (e.g., EFT, Interac e-Transfer)?
Digital payments reduce your exposure to forgery, interception, and cheque counterfeiting — all of which are on the rise. - Do you avoid mailing cheques from your office or by staff?
Avoiding the physical mailing of cheques helps prevent theft, especially when envelopes are predictable or marked. - Are cheques and cheque-printing equipment completely removed from on-site storage or kept in a highly secure area?
Removing or tightly securing cheques prevents unauthorized access and reduces physical theft risk. - Does your payment process include multiple approvers and a digital audit trail?
A strong approval workflow deters internal fraud and prevents unauthorized or duplicate payments. - Are your bank reconciliations done at least weekly?
Timely reconciliation helps detect cheque fraud early — before significant losses occur. - Are you enrolled in Positive Pay or a similar fraud prevention tool with your bank?
These services flag cheque anomalies before they clear, offering an added layer of protection. - Do you regularly verify and update vendor banking details?
Routine reviews help catch fraudulent updates and ensure funds go to the right place. - Are payment approvals done through secure, role-based platforms (not email or text)?
Unsecured approvals are a major risk in remote or hybrid environments — secure platforms close that gap. - Are all payments made through encrypted, traceable methods?
Modern payment platforms provide visibility, tracking, and protection that cheques simply can’t. - Have you had a third-party review of your AP and payment processes in the past 12 months?
External experts can uncover blind spots and recommend improvements based on current threat trends.
Your Risk Level
Count your “no” answers:
- 0–3 No →
Low Risk
Excellent — your firm has strong controls in place. - 4–6 No →
Moderate Risk
You’ve got some gaps to close — now’s a great time to take action. - 7+ No →
High Risk
Your exposure is significant. Immediate changes are recommended to reduce your fraud risk.
The Bottom Line
Cheque fraud is no longer a fringe issue — it’s a fast-growing threat to businesses across Canada. The good news? Property management firms that modernize their payment processes can dramatically reduce their exposure.
At SparcPay, we help property management companies digitize invoice approvals and move beyond risky cheque workflows — making payments faster, safer, and easier to track.