WHEN crime-hit streets are lit and policed, criminals turn to easier target areas.

Similarly, when financial fraud is tackled in one area, the fraudsters move on to another.

A Chepstow firm making tamper-proof cheque systems is now set to benefit due to the success of 'chip and pin' forcing fraudsters away from cards and back to cheques.

PCF was set up in 1983 by Tom Rigby. He said: "Our customers find that once they use our cheque-printing system fraudulent alteration of cheques disappears.

"Consequently, our systems pay for themselves in months."

Evidence of the fraudsters' switch to cheques has come from the banks' Association for Payment Clearing Ser-vices (APACS).

APACS' figures show that in 2003 - the last complete year for which they have data - 41,000 forged, counterfeit or altered cheques were passed, involving a potential loss of more than £500m.

While many of these attempts were foiled, actual losses still exceeded £45m.

The number of cases was 50% up on the previous year, and early indications are that 2004 figures will be higher still. Spokeswoman Sandra Quinn said: "It's like a balloon. If you press it at one end, the air moves elsewhere.

"It would be nice if the fraudsters would pack their bags and go home, but unfortunately they will go to another area that is vulnerable."

PCF's system includes pre-printed cheque blanks, laser cheque-printer hardware and specialist software.

The anti-fraud measures include special watermarks, holograms and a laser toner printing method that makes altering cheque details very difficult.

The business is not confined to cheques, as it offers secure ticketing systems for sporting fixtures and secure identification systems for works access.

Prior to starting PCF in 1983, Mr Rigby worked in Pentwyn for computer company Burroughs, a forerunner of Unisys.

He decided to go it alone and concentrate on secure printing systems. Located on Chepstow's Moor Street, the business has grown steadily and employs 17 people.

Among scores of small business clients, PCF has some high-profile customers such as Swinton Insurance eSure, Chase de Vere and the National Trust.