5 Steps to Update Your Counterfeit Protection Plan

    Sep 30 2016

    Topics: Counterfeit protectiom

    If your business struggles with preventing counterfeit fraud, you need to consider what safeguards you have in place. Having an effective counterfeit protection plan that each member of your staff is knowledgeable about is the best way that you can protect your business from counterfeit fraud. Your plan includes the procedures you have set in place and the technology you have on hand that prevents your business from counterfeit fraud.

    With technological advances, it can be difficult for you and your staff to detect counterfeit currency on your own, even with proper training. The good news is that it is there is help available to protect your business form counterfeit fraud! Here are five easy steps to help your business update its counterfeit protection plan.

    1. Evaluate What You Have

    Before you can implement a new counterfeit protection plan, you need to take stock of what protective measures you already have in place. You may be surprised to learn how vulnerable your business is to inadvertently accepting counterfeit currency. If your business has no established policies or procedures to prevent or deal with counterfeit fraud, your business is in definite need of creating a plan with preventative and protective measures.

    2. Determine What You Need

    After evaluating your current plan, you will need to determine what exactly your business needs when it comes to implementing a counterfeit protection plan. One of the main things to consider when updating your counterfeit protection plan is what types of currency your business accepts. When you go to research and purchase counterfeit detecting technology, you must be sure that you select one that will meet the demands of your business.

    3. Research What's out There

    Researching your options is an extremely important step when updating your counterfeit protection plan. Your research will be mainly focused on what counterfeit detection technology will best serve your business needs.As previously mentioned, you will have to consider what types of currency your business handles on a regular basis to ensure that you select a counterfeit detector that is designed to work on the types of currency that your business handles.

    Not all counterfeit detectors work in the same way, but their underlying purpose is the same:  to check bills to ensure that the corresponding security features are in place. When dealing with the new polymer bills, you will need to have a detector that works using tri-technology. Tri-technology detects ultra-violet, magnetic, and infrared security features, all of which the new polymer bills have. Make sure to consider all of the types of currency that your business encounters when considering the qualities you need in a counterfeit detector.

    4. Take the Plunge

    Once you have completed all of your research, it’s time to take the plunge and invest in your counterfeit detection plan. Updating how your business can protect itself from counterfeit protection is an important step in securing your cash management.

    5. Train Your Employees

    After investing in updating your plan, your staff needs to be brought up to speed with any new policies, procedures, or technology. Training is important so that your staff can feel confident when checking bills with counterfeit detection and when dealing with customers who have attempted to pay using counterfeit cash, whether inadvertently or not. After implementing counterfeit detection technology, your staff will still need to be familiar with the security features on bills as well as how to manage and diffuse situations with customers when dealing with counterfeit bills. Training your staff is the key to implementing an effective plan to prevent counterfeit fraud from affecting your business!

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3