1. Demand drafts are frequently used to purchase items over the phone, from telemarketers.2. In US, remotely created cheques are also called demand drafts . 3. A demand draft can also be compared to a cheque. 4. Banks report that demand draft fraud is becoming more common. 5. Demand drafts entail a large potential for fraud.6. Demand drafts can only be made payable to a specified party, also known as pay to order.7. However, demand drafts are difficult to countermand. 8. Demand drafts are also a popular method for lending institutions to attempt to collect on overdue loans.9. Demand drafts are frequently used by consumers instead of credit cards, and large companies also commonly use them.10. These include discounted general insurance policies, waiver of bank charges and stamp duty for travellers cheques and foreign demand drafts .
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