Regardless of what industry you’re in or whether you own a big or small business, if you accept cash as a method of payment, then you’re at risk of counterfeit fraud. Counterfeiters might target you directly or innocent victims might pass on to you the fake bills that they’ve accepted elsewhere without even knowing it.
You might have taken some measures to protect your business from counterfeit. You might have created a full counterfeit protection plan in the past. But it might be time for an update.
Here are some signs that it might be time for an upgrade.
You’re Still Relying on Your Employees’ Skills
We mean this as no insult to your talented and hard-working employees—but they might let fraudulent bills slip through the cracks, no matter how sharp their counterfeit detection skills are.
The truth is counterfeiters are becoming more sophisticated. Some of the fraudulent bills we see today are so close to the real thing that the majority of employees would have a tough time spotting the errors on them by sight and touch alone. Plus, counterfeit fraud is more prevalent than ever before. Virtually anyone with a little know-how and an ink-jet printer can try their hand at making counterfeits.
Though training your employees to detect counterfeit is a great first line of defense, it just might not be enough anymore due to the increased sophistication and prevalence of counterfeit money today.
You Haven’t Updated Your Technology in Ages
When you first opened up your business years ago, you might have purchased a few counterfeit detectors that use UV technology and that fit under or on the counter. And you might still depend solely on these counterfeit detectors as the entirety of your counterfeit protection plan.
But these detectors only verify the UV features on authentic bills—and nothing more. Counterfeiters have already figured out how to beat these machines. For the best chance of correctly verifying all bills, you should use counterfeit detectors that are equipped with multiple technologies and test for many different verification features, including UV features, infrared features, size, and magnetic ink. Counterfeiters might be able to pass one test, but they can’t pass them all.
Updating your counterfeit protection plan to include multiple technologies can help you better protect your business and your profits.
You Can’t Check New Bills
You might have invested in a state-of-the-art counterfeit detector, but then, suddenly, the government introduces new currency, like the new polymer bills. A detector that can only successfully verify half of incoming bills is only 50% effective—and that’s just not good enough. Your counterfeit protection plan needs to be able to detect any and all bills that you accept.
You should also consider an update to your counterfeit protection plan if you’ve recently started to accept currency from other countries. If your currency detector doesn’t verify these bills, then you need a new one. This is particularly true due to the fact that your employees will be less familiar with authentic bills from other countries and will be less likely to be able to determine whether or not they’re counterfeit.
Your Employees Aren’t Comfortable Rejecting Bills
The process of rejecting bills at the register can be tricky. Your customers could become irate and take it out on the employee who is not accepting the bill. After all, if cashiers are verifying through sight and touch or using a UV counterfeit detector, they’re still the ones who have to make the final call for rejection. And it’s understandable that they might feel uncomfortable in such a situation.
If this is the case, then update your counterfeit protection plan to include an automatic counterfeit detector. The machine will be the one automatically rejecting the bills so the employee does not have to make the decision or be the bad guy—just the innocent messenger.