Retailers, financial institutions, casinos, restaurants, and any other types of business that accept hard currency must protect their money from fraud. Counterfeit cash is a real risk—criminals are out there, waiting to defraud unsuspecting businesses out of their hard-earned money.
Counterfeiters will not disappear. In fact, they’re only getting smarter. They have the latest technology that allows them to imitate authentic money so well that it has become difficult for tellers to authenticate real bank notes with the naked eye. So business owners must get proactive in order to prevent avoidable losses.
The easiest and most effective way to protect your company from counterfeit is to invest in a counterfeit detector for each point of sale. With a detector, you can be alerted to suspicious bills before you accept them—so you are not stuck with the loss. It’s important to your bottom line to catch counterfeit bills before they become your problem.
There are five qualities you should look for when purchasing a counterfeit detector.
Polymer bills are equipped with infrared, ultra-violet, and metallic security features that are difficult to see with the naked eye but can be easily verified with the right counterfeit detecting technology. For maximum protection, you should be investing in a device that can detect all three of these technologies. Criminals may know how to imitate one or two of these features, but it’s unlikely that they’ll imitate all three.
2. Up-to-Date Technology
It won’t do you much good to buy an older model or used counterfeit detector to save a few bucks. Once new detection technology is on the market, criminals are already working on ways to get past it in order to defraud companies. If you buy a model that’s just a few years old, chances are counterfeiters have already figured out a way to beat the system. Buy a detector that is equipped with the newest tech, and update it regularly in the future.
3. Detection for Newly Printed Bills
The government is constantly adding newly printed bills to circulation. First we only had paper bills, then polymer bank notes started popping up for larger denominations, and then the smaller denominations of polymer bills were introduced.
Your detector won’t be of much use to you if it can only verify the security features of certain types of bills and not all of them. Make sure the one you buy can also detect the features used on newly printed bills. And if a new type of bill is introduced in the future, make sure your machine can handle it or upgrade to one that can. This will ensure that you stay protected.
4. Detection for Different Types of Currency
If you only accept Canadian bills at your company, then you only need to be concerned with verifying that one type of currency. However, if you also accept American dollars, francs, euros, pesos, rupees, and other types of currency from around the world, you’ll need to ensure that your counterfeit detector can check all of these different bills. This is especially important, as your staff likely won’t be as skilled at detecting foreign currency by sight and touch alone.
5. The Right Model for Your Needs
There are many types of counterfeit detector models on the market, all with different price tags, sizes and features. It’s important to choose one that is right for your unique business needs. If you handle a lot of cash on a daily basis, you’re going to want to purchase a higher-end machine. If you don’t have a lot of space on your counters, you’re going to want to get a smaller size. Your counterfeit detector won’t be useful if it’s just sitting in the corner, untouched, because it doesn’t fit on your counter. If you work in a low-lit area, like a bar, you’ll need a model that works in that environment. Consider these technical factors before you buy.