Aug 08 The Importance of Counterfeit Detection for Businesses
The crime of counterfeiting money is as old as money itself. For as long as people have been tendering marks, coins, and negotiable instruments, there have been others attempting to create fraudulent versions of them.
In the U.S., approximately $150 Million of counterfeit money was circulated in 2009. This number has been steadily rising, with another report showing that counterfeit money activity in the U.S. increased by 69% from 2003 through 2006 and this figure also continues to rise.
Reasons for the extreme growth in the volume of counterfeit money are simple. In years past, production of quality counterfeit money required the skills of a journeyman artist to engrave plates and manage the inherent challenges of offset printing. Today, graphics software and high quality, low-cost colour printers mean an amateur can produce passable counterfeit notes easily through unprotected transaction points that are not equipped with detection capabilities.
Even though technology is constantly improving and coming up with innovative security features and high-tech technology to authenticate them, criminals are always right behind them, finding ways to imitate them and thwart detection. You need to be well informed and vigilant about counterfeit detection, use the latest Dual CIS technology, and properly train your staff to identify the signs of fraud to be able to effectively detect counterfeits at all levels of quality.
Counterfeit banknotes can take many forms, depending on the sophistication of the criminal making them. Low-quality fake banknotes can be made by low-level criminals with a colour scanner and printer. High-quality counterfeits can be produced with big budgets and state-of-the-art technology that make notes that are nearly identical to authentic ones, making it difficult to spot the differences.
Counterfeiters Are Difficult to Catch
Counterfeiting has been around for just about as long as money has. Dishonest people will take advantage of any method they can to make some quick cash. Though the Central Bank do their best to confiscate counterfeit money, it’s incredibly difficult to link the fraudulent notes to any source. This means the criminals are free to keep performing their illegal activities, without much worry of being caught. Once their notes are in circulations and out of their hands, they aren’t too concerned about where they end up. They don’t care if they are confiscated, because they likely won’t be linked to them and they can just create new notes.
The Issue is Prevalent
This only highlights a fraction of the real number. It does not include the counterfeit notes that are still in circulation—just the ones that were identified. To prevent your business from becoming one of the tens of thousands of stores that have accepted fake cash, invest in counterfeit detection.
The Bigger Picture
Having to absorb the loss due to counterfeit isn’t something any business owner wants to be forced to do. The costs of goods for consumers increases as stores increase their prices to make up for the losses. Having counterfeit money in circulation is harmful to the economy, devaluing the Euro, which has national and international effects. Counterfeit detection is of vital importance not only for store owners but also for the nation as a whole. Consumers, business owners, and officials must work together to combat the issue.
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