Counterfeiting has been around for as long as money has existed. In the past, counterfeits used to try to create replicas of coins, and now, they’ve moved on to big and small bank notes.
Though you might think that it’s only a storyline in a gangster movie, counterfeit fraud is actually very prevalent in Canada, and you need to protect yourself. Below are some of the reasons why you should care about counterfeit detection.
Every Company Is Vulnerable to Counterfeit
Counterfeit fraud is a serious concern in the business world, especially for companies that accept large volumes of hard currency, such as restaurants, retail stores, financial institutions, and casinos. But in truth, any establishment, big or small, that accepts cash is vulnerable to counterfeit fraud. And you should care about counterfeit detection because it could happen to your company in a blink of an eye, if it hasn’t already. Even though some counterfeiters might only target the big fish, like casinos and banks, you might still become a victim of counterfeit through your innocent customers who have unknowingly accepted fake bills and passed it on to you.
Sight and Touch Might Not Be Enough
Though you can train your employees to detect counterfeit in the typical method—feel, look, and flip—this might not be enough. It is, however, important that your employees know what to look for on authentic bills in case an issue arises. But counterfeiters are skilled and tech-savvy and some of their counterfeit creations are virtually identical to authentic bank notes, making them very difficult to catch with the naked eye.
Authentic notes, however, have some security features that can be seen only under specific lighting and with the use of technology—and these features are harder to duplicate. That’s why it’s important for your business to have counterfeit detection machines at every point of sale. Though your employees might catch some of the low-quality bills, they might let some of the high-quality bills slip through. But your counterfeit detectors, with their state-of-the-art technology, will alert you to any and all fake bills, no matter how great of a duplicate it might seem to be at first sight.
It Can Hurt Your Bottom Line
As a business owner, your bottom line is your top priority, and you should be doing anything you can to protect it. Counterfeit detection is another measure of protection that you can add to your cash management processes. If your cashiers do end up accepting fake bills, you’ll be accountable for the loss.
The moment the counterfeit exchanges hands, it becomes your responsibility, and you’ll have to eat the loss. And repeatedly losing out on $50 or $100 every time you accept a fake bill can really add up and start to hurt your profits. It’s just good business to use counterfeit protection so you don’t have to absorb any avoidable losses.
Counterfeit Affects Us All
If you look at the grand scheme of things, counterfeit fraud doesn’t just affect us as business owners but as citizens of our nation as well. It has a ripple effect. When stores have to absorb losses, then take it out on their customers—they start to increase their prices to make up for the losses in order to stay profitable.
If you do this, as a business owner, you could end up losing loyal customers because of your price hikes. And as a consumer yourself, you’ll end up paying more because the counterfeiters are getting away with their crimes.
More government money will also have to be spent on anti-counterfeit taskforces and resources, too—and that’s money that could be spent on better areas. For the good of the country, it’s important for everyone to be vigilant about counterfeit detection. You shouldn’t only care about it because you’re a business owner, but because you’re a Canadian.
