Do you have old-fashioned paper money in your wallet or your business's safe or cash register? It's important to be able to spot a counterfeit, so the fake bill is taken out of circulation. Here's how individuals and businesses can authenticate cash and what to do if you receive a suspicious bill.
Strictly defined, counterfeit cash is money produced without the legal sanction of the issuing government. It's designed to look like real money to deceive people. Counterfeiting is a serious crime that can have significant financial impacts.
Counterfeit cash can't be exchanged for goods and services, causing direct losses to individuals or businesses that accept fake bills. But there are indirect costs, too. Counterfeit money increases the amount of cash in circulation, leading to reduced buying power and inflation. Additionally, the federal government spends millions of taxpayer dollars annually across multiple agencies on anti-counterfeiting and enforcement measures.
The U.S. Secret Service confiscates millions of dollars of fake bills each year. Inside the United States, the most frequently counterfeited denomination of U.S. currency is the $20 bill. Outside the country, however, the $100 bill is the most frequently counterfeited note.
With advancements in printing technology, counterfeiters have become more sophisticated. Do you know how to identify fake bills? As you inspect banknotes received, look at the following characteristics:
When authenticating cash, compare a questionable bill to others of the same denomination that you've gotten from a trusted bank or other reputable source. If you notice differences in color, size and features, the bill you received could be fake.
Important: Genuine bills printed before 1990 generally lack many of these features, including security threads and color-shifting ink, making them more susceptible to counterfeiting.
What should you do if you receive a suspicious bill? First and foremost, don't return it to the person who gave it to you. The individual might become confrontational or just leave and try to spend it elsewhere. Instead, put the bill in an envelope and place it in a secure location to minimize handling. This will help preserve the item as evidence.
Contact your local police and give them with all relevant details, including how and where you received the note. Also notify your bank immediately if you received the suspicious bill from a teller or ATM. U.S. financial institutions are required under federal regulations to implement procedures to handle such situations.
Ultimately, as mentioned, the Secret Service is responsible for investigating counterfeit currency. You can contact them through their website by clicking here.
Counterfeiters are continuously finding new ways to replicate currency. Spotting fake cash requires attention to detail and know-how. To protect yourself as an individual, as well as the business you own or work for, stay up to date on the latest security features and counterfeit detection methods.
Human senses have their limitations. Businesses that handle cash may want to invest in some cost-effective tools to help employees spot fake bills more easily. Examples include:
If you buy these tools, be sure to train workers on how to use them to detect counterfeit bills. Also provide detailed procedures for your staff to follow if a customer attempts to pay with a suspicious bill.
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