Counterfeit bills are still finding their way into circulation, as the old paper bills gradually become a thing of the past. Part one of this series detailed some of the important keys that business owners should understand in combating the problem. In the second and final installment of this series, we’ll discuss resources that help business owners identify and reject counterfeit bills.
Ensuring Genuine Currency
Investing in counterfeit detection training is essential for business owners to educate staff. Essentially, staff should be well informed in order identify both old and new counterfeits bills. The Bank of Canada website features various training series that offer explanation on aspects such as security features. Online training modules are accompanied by additional quizzes to test comprehension. Other training materials include free seminars in several locations, along with several web-based seminars and download options. Alternatively, the Bank of Canada provides onsite training sessions. Further information regarding these sessions can be found by contacting the bank.
Understanding the security features on the new polymer bills is vital for business owners and staff. There are several features that distinguish real bills, including texture, appearance, transparency and hidden digits. Raised ink is positioned on the large digit of a bill along with the words “Banque du Canada” and “Bank of Canada”. The window on the top right hand corner of the bill should be transparent and feature images of a portrait and structure. The portrait seen in the transparent section should match the large image on the bill. Notice the details of the building in the transparent section as well. Colours on the building should shift when the note is tilted.
There are digits in and around the transparent section that are the same as the bill value. Some numbers appear to be reversed. Other distinguishing features include transparent writing, maple leaf frame and transparent maple leaf box.
Checking bills is a vital stage in intercepting counterfeits and staff must understand the importance of careful examination. Understanding the security features is only beneficial if staff are trained to perform examinations on a regular basis.
Automated Counterfeit Detection
Using counterfeit detection machines is recommended to ensure that human error does not allow counterfeit bills to enter the system. Ideally, company owners need to have both well-trained staff and counterfeit detection machines working synchronically. While manual checking is a necessity for the initial stage of checking a bill’s authenticity, counterfeit detectors offer a quick, reliable and accurate way of evaluating bills.
Suspected Counterfeit Money
There are stages to follow if you have checked the security features and suspect a counterfeit bill in the course of a transaction. Initially, the bill should be declined with an explanation that you suspect it is counterfeit. Kindly ask for another note and perform the standard security feature evaluation. Inform the person to have the bill checked by local authorities, as well as inform the authorities yourself. Contact local authorities if a counterfeit bill is suspected following a transaction.