Counterfeit Money Detection: Are You Protected?
| Counterfeit money detection is an important topic no matter what your industry. My sister works a second job on weekends at a major big box retailer managing the checkout lines and customer service desk. Recently, she cashed a check at the store and received four $50 notes. She paid $150 of the cash to her daughter’s school for an extracurricular activity. A few days later, the school called her to tell her that one the $50 bills that she used was counterfeit. It was detected at the bank when the school made their deposit. Although the school did not plan to turn her over to authorities for passing phony money, they did want their $50. Considering my sister’s retail background, she should have been more aware of the need to verify larger bills. Since the note was traced back to her, she ended up $50 in the hole. Lesson learned for my sister, and probably the cashiers she supervises on the weekends. |
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Determining the Authenticity of CurrencyThere are many components relating to counterfeit money detection and bill authenticity:
Despite all these anti-fraud features, counterfeiters are still very successful. Recent technological advances in imaging and printing have enabled counterfeiting to flourish. And the current economic climate does not help. With current unemployment figures and a depressed job market, each of us should have a heightened sense of awareness that we, too, could be cheated. So how can you protect yourself? First, become familiar with the security components of your currency. The paper has a certain feel. The printing is crisp. The colors are not bright. Be especially mindful of this with $20 and $50 notes. But there is something that can be done. With training and some inexpensive counterfeit money detection products, businesses and consumers can protect themselves. The Secret Service publishes a simple but detailed guide called “Know Your Money”. Click the below link to instantly download a copy. http://www.secretservice.gov/KnowYourMoneyApril08.pdf This information details the specifics of each denomination so that each of us can be experts in knowing the difference between the $5 bill and the $50. I encourage you to print out this file and post it in the back room in your business as a helpful employee guide.Block and Company Counterfeit Money Detection ProductsThere are also many types of counterfeit detectors available. These devices can detect the authenticity of the paper, the ink and/or the security threads. There are a wide range of price points that allow you to make the proper investment in your business. Other counterfeit devices use UV and white light to show the security threads and authenticity of the paper for about $35-$60. More sophisticated counterfeit money detection products can run a bank note and specifically indicate to the user if the note is suspect by checking the ink, security thread and the paper. These devices may cost a little more, but they can quickly pay for themselves within a short period of time. My sister has learned her lesson. This year, at her daughter’s Girl Scout cookie sale, you can bet she’ll be more suspicious of the currency that is exchanged. With the breadth of counterfeit money detection products available at Block and Company, there’s no reason anyone should be stuck with counterfeit bills. Tricia Goldfarb is a Product Manager at Block and Company. Block and Company provides money handling and security products to banks, credit unions, vending companies, retail stores, restaurants, and casinos. She may be reached at tgoldfarb@blockinc.com. Return from Counterfeit Money Detetction back to Knowledge Center |
Counterfeit Detection Pens
Counterfeit Money Detector
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