It’s Summer in Anguilla and with all the festivities and celebrations, ill-intentioned persons use the opportunity to introduce counterfeit currency (fake money) into circulation, and this is especially done at high traffic, night-time events and activities, when conditions for detection are less than ideal.
The reality is that the circulation of fake money is rising at a large pace. This is creating a greater problem for individuals, businesses, and thriving economies. So, what exactly are we talking about?
Counterfeit money is a deceptive imitation of genuine currency circulating within an economy. These notes are without the backing of a legitimate authority, such as the central bank. The counterfeit notes are designed to mimic the appearance of real currency. They lack the essential authenticity and value that genuine money possesses.
The consequences of counterfeit money are far-reaching. For individuals, accepting counterfeit notes can result in financial losses and legal repercussions. Companies experience financial losses … counterfeit money undermines the stability and integrity of a country's financial system, eroding public trust in the currency and the economy as a whole.[i]
Now that we know what is it and the effects it has, the question is ‘How do we Detect and Avoid Counterfeit’?
In order to detecting counterfeit notes, tellers, cashiers, concierge, bartenders, ticket agents and anyone else receiving cash from the public (especially late at night), requires close observation, vigilance and a working knowledge of the various security features that are embedded in legitimate currency notes.
This includes being aware of things such as watermarks, texture, color-shifting ink, security threads, and other special features which help you identify genuine bills from fake ones.
This Summer season as we welcome belongers, residents and visitors back home to our beautiful shores, it is important to be knowledgeable and be aware of the vices that come along with the heightened activity.
For more information and access to a free pdf resource on detecting US currency, please click here (USD). For resource on detecting US currency, click here (XCD).
Check out this site’s blog for more information on how Businesses Can Spot and Protect Themselves from Counterfeit Money: https://www.embroker.com/blog/counterfeit-money/
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