Unfortunately, counterfeit fraud is not just a problem in the movies. It’s a serious threat in the real world, too, and in particular, in the retail industry. There are criminals just waiting for an opportunity to defraud unsuspecting companies. And since retail stores handle a lot of hard currency and don’t always have the best security measures in place, they’re a prime target.
Though the government is doing all that it can to increase security on its bills to make them harder to duplicate, it’s just making counterfeiters smarter and more determined. Many sophisticated criminals can make near mirror images of authentic bank notes—so much so that it can be virtually impossible for your cashiers to see the differences through sight and touch alone. No matter how well you train your staff to spot counterfeit bank notes, some can still sneak by undetected without proper technology on your side.
In order to get proactive and avoid taking on any more losses due to counterfeit money, you need to invest in counterfeit detection. With the right devices at every point of sale, you can protect your company, your employees, and your customers.
What Is a Counterfeit Detector?
Counterfeit detectors should be used in any retail store—or any business that accepts cash as payment. They’re critical for protection against fraud. These machines are fitted with different technologies that can verify the security features present on different types of bank notes—old and new, Canadian and foreign. No matter how skilled you are at detecting notes with the naked eye, there are some security features on authentic notes that only show up under specific lighting and with the use of technology, such as undetectable watermarks, metal threads, and infrared and ultraviolet marks.
Why Your Retail Store Needs Counterfeit Detection
Counterfeit detectors will not only protect your company, but they can also protect your employees and customers. Once you accept fraudulent bills, they become your problem—and your loss. With counterfeit detection, you can avoid taking on these avoidable losses before it’s too late. The detector will alert you immediately so you can refuse the bills.
But not everyone that is carrying fraudulent bills in fact created them. They could be innocent victims, too. And counterfeit detection can help you protect these customers. Once alerted to the fraud, you can work with your customer to resolve the situation and report the issue discreetly. Plus, by not passing on the fake bills to your future customers, you’re protecting them as well.
Additionally, using counterfeit detectors can protect your employees. They’ll no longer feel worry and pressure about having to accurately verify bills by sight alone. And when the machine is the one claiming the bill as a fake, the customer is less likely to become irate with your employees, because they’re not the ones making the call.
What to Look for in a Counterfeit Detector
Though there are many counterfeit detection devices on the market, they’re not all create equally. There are certain features that you can really benefit from, so before you go out and purchase some, make sure you do your research so you get the right solution for your needs.
Counterfeit detectors that use tri-technology, that is, those that can detect metallic, ultra-violet, and infrared marks, can offer you maximum protection. Some criminals might be able to duplicate a few marks, but they’re unlikely to be able to duplicate them all. Make sure the devices you purchase use up-to-date technology as well, to ensure that criminals haven’t already learned how to defraud them. Investing in new machines will also ensure that they can effectively detect newly printed polymer bills, rather than just the older paper bills. If you accept currency from other countries, you’ll also want to make sure that your machines are equipped to verify every type of bill you accept at your retail store.