1. A group of people provides role players with business cheque drawn on closed accounts at a financial institution. The role players deposit the cheque into a new account at a different financial institution through one or more ATMs operated by other financial institutions. The float time between the ATM deposits and cheque drown on the closed accounts reaching the issuing financial institution for payment allows the criminals to withdraw funds from the new account.

Required:

Critically explain under which cheque fraud scheme above-mentioned fraud links. Where such kind of fraud mostly based in the world? Discuss the way to protect yourself from cheque fraud. (700 word)