Your company likely accepts hard currency as payment in your day-to-day business. If your staff is handling a lot of bills, it’s very possible that they won’t have the time, or training, to properly check each bill to ensure they are not accepting counterfeit money. And at the end of the day, that’s money that your company is losing—and placing right into a criminal’s hands. A counterfeit protection plan can safeguard both you and your staff.
Counterfeit Cash Is a Real Risk
It’s nice to think that the people in this world are honest, trustworthy individuals—but the hard truth is there are people out there who will try to cheat you. Or, they’ve already scammed someone else and passed on their counterfeit bills to an unlucky customer who has walked into your store and is now trying to buy something with the fake money.
To save yourself time and money, you should implement a plan to protect your business from counterfeit cash.
The First Step to Any Counterfeit Protection Plan Is to Train Your Staff
Training your staff is a must when it comes to your counterfeit protection plan. Authentic currency is covered with security features to make identifying fraudulent bills easier. If you haven’t already taught your staff how to identify these security features, it’s time to do so.
Look up the Bank of Canada website—it contains valuable resources that can help you implement your counterfeit protection plan. You will also find access to seminars that train retailers how to detect counterfeit money. Experts can help your staff identify the hidden numbers, magnetic features, transparent areas, and raised ink used on authentic bills. Once your employees are fully trained, they will feel more confident when it comes time to check for fraud. They will know which security features to look for and how to detect them easily and quickly.
Invest in a Counterfeit Bill Detector for Your Counterfeit Protection Plan
The naked eye cannot see every security feature on currency. One of the best tools to use in your counterfeit protection plan is a counterfeit bill detector. Ideally, you should have one machine for each cash register. Counterfeit bill detectors can make the process of identifying fake bills easier and faster. They come in a variety of styles and sizes to fit your business needs.
Counterfeit bill detectors utilize several different technologies, such as infrared, UV, and magnetic technology to ensure the best accuracy possible. The technology used in counterfeit bill detectors will give you the peace of mind of knowing your counterfeit detection plan is working properly for your business. It can take the worry out of accepting hard currency.
Know What to Do if Counterfeit Money Is Detected
So your staff has identified a fraudulent bill. Now what? When you implement your counterfeit protection plan, you must train your employees on how to deal with the situation once fraud has been detected. Discuss proper procedures on how to refuse the bill, what to say to the (possibly innocent) customer, and when to call the local police to inform them of the situation.
If you’re in business, you need a counterfeit detection plan—it is just that simple.
