Did you know that the US Customs and Border Protection caught counterfeit money worth $1.5-million from Chicago within the first 3-months of 2021? That’s a huge amount!
Considering these alarming stats, there are high chances that people may try to pay your business using fake money. It doesn’t matter whether you’ve got a small coffee shop or a corporate firm. Receiving only one counterfeit money payment can cause great damage.
We say this because when you report the crime to the relevant authorities, they will carry out an investigation, track the person, and get you justice. But, they will not replace the fake bills with original ones. So, your business has no other option than to absorb the loss.
It is why knowing how businesses can protect themselves from counterfeit money is essential. There are plenty of ways to do so, like using a fake money checker, training employees, etc. In this article, we’ll discuss all of these ways in detail. Read more!
Train Your Staff to Handle Cash Carefully
Almost anybody can use fake money to pay, so it’s important for your employees to stay vigilant while handling cash. They should focus solely on the payment process and examine each bill carefully before proceeding onwards. However, when doing so, teach them to make their actions a little discrete.
Some customers do not understand the importance and may feel offended. The best strategy can be to appoint two employees for payment receiving. While one receives and checks the bills, the other one can casually conversate and note their feedback on the product/service
Learn Fake Currency Detection Methods
It’s near impossible to tell a real banknote apart from a duplicate. Thanks to technology, people have become very smart at producing replicas. However, the government is well-aware of these practices too.
Thus, an original bill has many hidden security features. You can learn and educate your employees about them to identify counterfeit money easily.
The watermark is one of the most challenging components of a banknote to fake. When you hold a real US dollar up to the light, a shadow of a portrait appears.
The paper on legit banknotes has microscopic red and blue threads embedded in them. Many counterfeiters attempt to imitate them through various means; however, these fakes are identifiable with a simple observation.
- Color shifting ink
One of the pros of this feature is that laser printers cannot duplicate it. Look at the lower-right corner of a bill to find them. When moved back and forth, you can see the color change from gray to black or green.
- Security Thread
You can spot a braided thread that runs from the top to the bottom of the bill. These security threads get incorporated into the underlying paper rather than being printed on it. It is next to impossible for counterfeiters to duplicate this.
Invest in Fake Money Checking Gadgets
Nowadays, a lot of advanced gadgets are available to spot counterfeit money quickly. However, the starting prices can be slightly high.
If you want a cheap alternative, go for counterfeit money-checking pens. These pens typically use the UV-detection method to find the invisible security features on the banknote. Since they look just like regular pens, they are easy to use in front of customers without offending them.