Criminals love casinos—they are a prime place to launder money and pass off counterfeit cheques, chips, and credit cards. However, one of the oldest scams in the book is to falsify and use counterfeit currency. A 2010 study estimated that $61 million worth of counterfeit money was circulating around the world. Technology these days allows criminals to duplicate the look and feel of real bills almost effortlessly with the use of laser printers. Some expert criminals can even duplicate some of the anti-counterfeit security features present on authentic bills, making it difficult for employees to detect the fraud. Your casino is your business, and you should safeguard your money by adding fraud protection into your gaming industry. Here are two simple ways to protect your gaming centre from counterfeit currency.
Train Your Attendants to Effectively Detect Fraudulent Bills
Anywhere within your casino that hard currency is accepted is vulnerable to counterfeit loss. Your employees are handling a lot of cash on a daily basis. Thousands of dollars can pass through their hands and they must be attentive to each and every bill, regardless of how bustling the floor is.
Your dealers, cashiers, and attendants should be trained to detect counterfeit bills. Most importantly, they must know exactly what security features to look for when checking for counterfeit currency. Magnetic features, hidden numbers, transparent areas and raised ink are all used on genuine bills to make identifying frauds easier. Once you’ve trained your employees to detect these features, the job of checking each bill that passes through their hands will be quick and effortless. Don’t know where to start? Call up your financial institution / Bank of Canada / Federal Reserve —many of these organizations offer counterfeit training programs. You can leave the training to the experts and be confident that your business is safe from counterfeit bills.
Invest in High-Tech Counterfeit Bill Detectors
By investing in high-tech counter-measures, you can prevent counterfeit losses and save yourself the headache of dealing with crime. If you are in the gaming business, you know that regulatory bodies enforce compliance. Even if you are simply a victim of counterfeit bills, these regulatory bodies will scrutinize your business operations under a microscope to try to detect fraudulent activities that your company might be taking part in. Of course, you know you were scammed, but the government officials want to make sure you’re not lying and trying to scam them instead. To make matters worse once you have accepted a counterfeit note it is your loss and not the banks.
To avoid the hassle, you should invest in bill validators and avoid accepting counterfeit bills at the first step. If you already use these devices, it may be time to upgrade them—new technology now detects thousands of trigger points in just a few seconds when a bill is placed in a machine or cage. Casino’s deal with multiple currencies and just as the Canadian government has changed to polymer so too do other governments change currency. This makes it important to always ensure that your counterfeit detection system should be up to date.
To more effectively detect fraudulent currency, invest in bill validators for each point of transaction on your floor. These devices use a variety of technologies, such as infrared technology, UV light detection, and magnetic technology, to detect fakes. Your casino attendants may be diligent in checking bills for fraud, but many security features on genuine currency cannot be seen with the naked eye. Using technology to your advantage can ensure accuracy and efficiency in your counterfeit protection plan. You eliminate the guesswork and the flaws of human error.
Counterfeit schemes are prevalent in the gaming industry and the unfortunate fact is that casinos are often victimized. Protect your business by implementing a counterfeit protection plan at your gaming centre.