Counterfeit Detectors Are Crucial for These 3 Industries

    Jan 05 2018

    Topics: Counterfeit Protection

    Many people don’t think about it in their everyday lives because it’s never affected them before. For many businesses and industries, the same is true. However, counterfeit money is a huge problem for some industries. 

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    A counterfeit detector is a machine that detects the security features on a banknote. The machine is able to determine, quickly and easily, whether it’s a genuine bill or whether it’s fraudulent.

    1. Casinos

    It’ll come as no surprise that casinos are one of the industries where counterfeit detectors are crucial. Casinos, more than almost any industry, deal with a lot of money. There are so many people who play at a casino daily that the amount of money a casino brings in can be staggering. Because there’s so much cash trading hands and so many transactions taking place, many counterfeiters casinos are great targets. 

    Counterfeiters could exchange their fraudulent money for chips, which they can then cash out to receive genuine money. This kind of play has been the subject of countless Hollywood movies over the years. It’s because of this mindset that counterfeit detectors are so crucial for this industry. It’s imperative that the casino be aware of and be able to stop anyone trying to use fake bills. 

    2. Retail

    The retail industry worldwide is worth trillions of dollars, and inexperienced teenagers who don’t know how to look out for counterfeit money oftentimes manage cash registers. This is why counterfeiters use the retail industry so often to dump their counterfeit money. They know there’s a smaller chance of getting caught. And while they can’t exchange fake money for genuine cash in large sums as they can do at a casino, they’re still able to defraud companies when the cashiers aren’t paying attention. The fast pace of the retail world also makes it easier to defraud stores. 

    It’s this lack of attention to detail that makes it necessary for the retail industry to use counterfeit detectors.

    3. Gas Stations

    Gas stations all over the country aren’t well-protected against fraud.

    Gas stations complete many transactions per hour and a good number of them are in cash. When you have so many customers coming in and out of your gas station using cash, it increases the chance of someone using counterfeit bills undetected. 

    Often, counterfeiters target gas stations because cash is used often, the clerks are often serving many customers at once, and they’re trying to pay attention to too many things at once. A distracted person is the perfect victim of counterfeit money. This is why gas stations need counterfeit detectors. With these detectors, their chances of taking in counterfeit cash decrease significantly.

    These three industries process a lot of cash and are overwhelmed by customers on a daily basis, making them easy targets for counterfeiters.

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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
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