Any business that deals with cash must take security measures. You’ll want good procedures in place for dealing with cash and places to store currency safely.
It’s unfortunate, but you’ll also need to watch for counterfeit. Although security measures on banknotes are almost always improving, counterfeiters are never far behind.
The number of counterfeit bills in circulation has declined over time, but it’s still best to take precautions. One of the best things you can do is train your staff on how to spot counterfeit. This way, they can protect your business.
Get a Counterfeit Bill Detector on Your Team
You should train your cashiers and other team members to look for certain security features, but a counterfeit detector can speed up the process and improve accuracy.
A counterfeit detector can also check for some security features that the human eye alone can’t see. Many modern bills, for example, include black light features. Newer American banknotes change color, and Canadian bills have special patterns that are only detectable under a black light. A detector could help team members investigate other security measures as well.
Some devices also have counterfeit detection built into them. A counterfeit detector should always be your first choice, though, as it can prevent your team members from tendering a fraudulent note in the first place.
Training Your Staff
Investing in counterfeit detection equipment is smart, but it shouldn’t be the only step you take to secure your cash. Training your team is just as important.
That’s partially because your team will be using the counterfeit detection technology. They’re also able to scrutinize banknotes. When properly trained, they can determine if a bill is real or not with more accuracy and speed.
Train your team members on the security features of the notes they’re likely to see. Certain businesses will accept both Canadian and American currency, so it’s best to train your team on both types of banknotes. If your business only accepts Canadian bills, you’ll only need to train them to assess Canadian currency.
There are plenty of resources to help you. The Bank of Canada provides resources on its website. Your staff will learn to look for raised ink, hidden numbers, and other features that mark genuine Canadian banknotes. There are also resources for American banknotes on other reputable sites.
Train Your Team to Use the Detector
Make sure your team members know how to use the equipment you provide. Best practices suggest cashiers should check every bill in the detector, even if they don’t think the note is suspicious. Many machines are easily incorporated into the flow of a transaction, which makes checking bills quick and easy.
Team members who use other equipment, such as currency recyclers, should know how to use the detection features on those machines too.
What to Do When You Detect a Counterfeit
Your team members should know what to do when and if they detect a fraudulent note. It’s important that your team members know not to blame the customer. Many are victims too, having received the note from someone else.
If a team member detects a suspicious note, they should ask the customer if they have a different note or if they can pay a different way. You don’t want to accept the note, because you can’t recover the funds.
Your team members should also alert a manager, who can then manage the situation. Fraud should always be reported to the appropriate authorities. If you happen to accept a counterfeit note by accident, you’ll need to report it to your local police or the RCMP.
Be Ready to Handle Anything
The good news is that counterfeit notes are becoming rarer these days. You still need to be on guard though. By investing in both employee training and counterfeit detection equipment, you can be sure your team will be ready when a situation does arise.
