Counterfeit fraud is a risk in business. Small businesses and large conglomerates alike, in all industries, are at risk of accepting fraudulent bills—whether from counterfeiters themselves or by innocent victims who have come in possession of the bills through no fault of their own. Whether you’re in the restaurant business, the casino industry, retail, or another sector, if you accept cash as payment, then you need an up-to-date counterfeit protection plan.
Any form of counterfeit protection is better than none, but unfortunately, if you haven’t updated your counterfeit protection plan in a while you might not be fully protected. Counterfeit bills could be getting by your employees and your outdated counterfeit detection machines. And if they do you’ll be the one taking on the losses.
Here’s why it might be time for a counterfeit protection plan update.
Counterfeiters Are More Sophisticated and Prevalent
You’ve likely trained your staff to spot counterfeit bills. This is a great first line of defense. But it might not be enough. Counterfeiting has become easier than ever. Thanks to digital printing technology, anyone with a little bit of know-how can now print fake money on an ink-jet printer at home. There’s no need for elaborate printing presses, the right type of ink, or the right type of paper anymore. And this means counterfeiting is becoming more prevalent. And your employees have to be vigilant—but who has the time to check every bill manually when the lines are out the door and the customers are being impatient? It just takes too much time to do so.
And because the technology has become more sophisticated, so have the fake bills. It might have been easy for your employees to spot fraudulent bank notes in the past when they were obvious forgeries, but now, counterfeiters can make near identical copies of authentic bank notes. The differences might not be noticeable through sight and touch alone.
If you’ve invested in some counterfeit detectors in the past, your counterfeit protection plan is even more effective than if you relied solely on your employees’ counterfeit detection skills. However, keep in mind that currency changes. New bills are being printed all of the time with different types of security features embedded in them. Your old counterfeit detector might be too out of date to be able to detect these new forms of currency.
For example, your counterfeit detection machine might adequately verify the older Canadian Journey series of bills but might not have the right technology to verify the security features on the new polymer bills. This puts you at risk of only being able to detect counterfeit half of the time or less.
In addition, if you’ve recently started accepting currencies from different countries, like the US, you’re going to want to update your counterfeit protection plan to make sure these new currencies can also be verified with your counterfeit detector.
As you know, technology is constantly evolving. New innovations and advancements are constantly being added to the market. And the same is true for counterfeit detection technology. Though UV light used to be the go-to technology for counterfeit detection in the past, it only detects one type of security feature—the type that shines under this type of light. New counterfeit detectors are now equipped with many other technologies like infrared, magnetic, size, and watermark detection, in order to ensure total accuracy. When several different security features can be verified simultaneously counterfeit money won’t pass through your fingers.
It can be beneficial for you to update your counterfeit protection plan to include these new detection technologies as they hit the market in order to ensure that you continue to be fully protected.