By Alex Reichmann, iTestCash
Cash is still the most popular way of making payments despite the fact that nowadays people prefer to go cashless or use plastic money. Since 1997 there has been an increase in money counterfeiting in the U.S., although money counterfeiting has been a serious problem since the 19th century when banks started distributing money.
Nowadays, it is very easy to make fake money since all you need to get started is a computer, a good quality scanner and an inkjet printer. Large printing presses are not needed to get the work done; therefore counterfeiters can easily produce fake bills and dispose of the equipment, making it hard to track them down. Counterfeit bills are printed both in the U.S. and in foreign countries. Notes made overseas are often brought into the U.S., where they can go undetected for quite some time.
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Most counterfeit money is made in homes and then passed on to small retail outlets. These businesses incur losses due to counterfeiting. Counterfeiters mainly target businesses where they know notes are not being checked. To help prevent losses, there are many things you can do to protect your business.
Bill-Checking Basics
Start by training your employees on how to spot fake cash, since they are the first point of contact. This will enable them to tell the difference between real and fake money. Your employees can be trained on how to spot fake money by looking at the image on the bill when holding it up to a light. The two portrait images should match. The security thread on the note should run from the top of the note to the bottom.
In addition, if the notes are tilted back and forth (except for the $5), the numbers at the lower right corners should change color from green to black and back to green. The $5 bill shines blue; the $10 bill shines orange, the $20 bill shines green, the $50 shines yellow, and the $100 bill shines red when held against an ultraviolet light.
Retail employees should also inspect every bill that goes through their hands irrespective of how the person issuing the money looks and how much cash they are handling. You should also put a limit on the amount of cash you receive from your customers. Put up signs to indicate these limits, and also offer your shoppers different options when it comes to making payments.
Another way of protecting your business from counterfeit money is by investing in sophisticated equipment that can detect fake bills, since sometimes it is very hard to detect fake money by just looking at it or touching it.
In case a customer gives you a fake note, the best thing to do is to retain the note and call the police. Try and delay the customer in your premises as long as possible till the police arrive. You should not give the note back to the person who passed it on to you. Try not to handle the note a lot, so as not to mess further with the evidence, instead put the note into an envelope or plastic bag.
When the police arrive, give them the note which will be then sent for analysis. Inform the customer that the bill will be passed on to the police. Give the customer a receipt and let them know that if the money is found to be genuine it will be given back to them. Avoid taking the note and passing it on to someone else since knowingly passing on a fake note to someone is illegal.
Alex Reichmann is a counterfeit detection expert and CEO of iTestCash. Working in the counterfeit detection industry started in the family when his grandfather owned the company Dri Mark, which produced the original counterfeit money detector pen. Since then iTestCash was started with the idea of being a one stop shop for businesses, counterfeit detection and money handling needs. iTestCash works with businesses from all around the U.S. and abroad.
