Anti-fraud initiative

Loughborough is welcoming an initiative to slash fraud against bank and building society customers.

From October 2006, cheques for personal accounts made out solely to an institution will require the name of the account holder in the payee line.

Stephen Peete, chief executive of Loughborough, says: “At present, customers can overlook the dangers of simply making a cheque payable to their bank or building society, because if the cheque is lost or stolen it can be paid into any account with that institution.”