MISSISSAUGA, Ontario--(BUSINESS WIRE)--Bank notes are a vital method of payment in Canada, used in about 40 percent of all retail transactions.1 Unfortunately, even with polymer bills replacing traditional paper-cotton material, the risk of taking in counterfeit bills remains high. In 2014, over 62,000 counterfeit notes were passed –a value of $2.4 million.2
The financial and reputational losses that come from passing counterfeit notes, even unknowingly, can be significant to businesses of any size. Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions, outlines tips for spotting forgeries and highlights how investment in advanced currency processing technology can protect your business from counterfeit losses.
The Anatomy of a Forgery – Tips for Spotting Counterfeit Notes
Technological advances in the printing process have allowed counterfeiters to improve their product, which means increased vigilance is needed to detect fake notes.2 This includes paying close attention to the following features when trying to spot the real deal from a forgery:
- Texture. The polymer that bills are printed on is unique, as it is not sold commercially. In addition, genuine cash is printed with ink that has a slightly raised texture.
- Print quality. Blurry areas, broken borders, and a general flatness to images all indicate a forgery. Genuine notes have sharp portraits, crisp lines and fine detailing.
- Embedded, hidden text and numbers. Genuine bills contain transparent text and hidden numbers – raising the difficulty in copying.
- Holographic images. Images, such as one on the $100 bill, will appear as a holographic likeness in a clear plastic window that changes colors as you hold it at different angles.
Minimize Your Risk with Advanced Counterfeit Detection
Cash-intensive businesses such as financial institutions, retailers and casinos must not only make sure that employees are properly trained to detect counterfeit notes, they must also make sure their currency processing equipment is up to the task of catching forgeries.
The latest currency processing systems are equipped with a wide range of counterfeit detection sensors that instantly identify counterfeit notes at the source of entry. They include multiple basic and high-level options such as magnetic ink, fluorescence, ultraviolet, infrared and sensing technologies, as well as the ability to read and record serial numbers.
Don’t Lose Profits or Reputation to Counterfeiters
As long as there is currency being circulated, there will be counterfeiters trying to emulate that currency. While new currency designs are aimed at thwarting counterfeit notes, businesses must protect themselves with other measures. Investment in currency processing equipment with the ability to detect forgeries is essential for an operation that handles cash on a daily basis.
To learn more about Cummins Allison’s line of cost-effective counterfeit detection enabled currency processing machines, visit: http://www.cumminsallison.ca/ca/en/products/currency-handling.
Sources:
1 The Economic Impact of Counterfeiting in Canada; Royal Bank of Canada, February 2015
2 Currency Counterfeiting Statistics; Royal Canadian Mounted Police, http://www.rcmp-grc.gc.ca/count-contre/cur-mon-eng.htm
About Cummins Allison
Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.