Top Tips For Counterfeit Money Prevention

By Alex Reichmann, counterfeit detection expert and CEO, iTestCash.com

Counterfeit money is a growing problem for businesses, especially those that handle large amounts of cash as they are the most obvious targets for counterfeiters. The main disadvantage of counterfeit money is that it eats into the profits of a business, especially small businesses that are already struggling. This is why it is important you deal with the problem decisively and effectively, to minimize chances of customers passing counterfeit money to you. Here are four proactive steps you can advise your customers take to minimize risk.

1. Train your employees to check for fake bills and coins. It will be easier for a trained person to spot counterfeit cash than for an untrained person. There are plenty of resources on the Internet, which you can take advantage of. You can also get someone to train your employees. Check with your local banks or the local police if they have any educational programs on money counterfeiting. Part of the process to check for suspicious bills include: checking if the portrait shows up when you hold the bill up to the light, seeing that the serial numbers look authentic, feeling the paper on the money that it doesn’t feel different than usual, and checking that the serial numbers are aligned and not off center which can happen with fake bills.

Encourage your customers not to dread counterchecking any money they get for fear that they will offend customers. It is also advisable they train their employees to be on the lookout for behavioral cues that indicate suspicious activity, as this could alert them of possible counterfeiters. For instance, most counterfeiters appear nervous when making payments or they might try to hurry you along, so that you do not have time to cross check the bills.

2. Do not ignore small denomination notes and coins. Most businesses have a tendency to only cross check large denominations notes. Counterfeiters are aware of this and most of them counterfeit small denomination notes, with the $20 bill being the most counterfeited note. $10 bills, $5 bills, and even $1 bills are often counterfeited. Coins are also counterfeited, so make sure to check the coins you get too.
3. Another effective way to fight counterfeit money is by using technology to your advantage. There are counterfeit detection machines and, since counterfeiters have gotten good at producing currencies that closely resemble original notes, machines that can quickly scan notes and notify of any fake bills are a valuable tool. There are a variety of machines that can be used for this purpose including UV lights, counterfeit detecting pens, magnetic ink detectors, infra red viewers, and machine readable character devices which are the most sophisticated counterfeit detection tools. The choice of machine will largely depend on how much the customer is willing to spend and how much cash is handled on a regular basis.
4. Know what to do when counterfeit money is detected. This includes confiscating the money, all of which should be handed over to the police. If possible, you can request the customer to pay for the transaction using another bill. Make sure to advise the customer record the details of everything that happened as they wait for the police. This includes the person who handed the money to you, the context, time, and location of the transaction. Touch the note as minimally as possible, so as to make it easier for the police to trace back the money to the original counterfeiters. Make sure to get a receipt when you hand over the fake bill to the police; if it is assessed and found to not be counterfeit, it will be returned.

Alex Reichmann is a counterfeit detection expert and CEO of iTestCash. Helping businesses fight against counterfeiters started as a family affair when Alex’s grandfather contributed to creating the Dri Mark counterfeit money detector pen. Reichmann can be reached at iTestCash.com.