Identity Fraud: How Can Businesses Fight Counterfeit Money?

Identity Fraud: How Can Businesses Fight Counterfeit Money?

At one point or another, we’ve all heard business news stories where many successful companies traded their goods or services for counterfeit money. According to reports, hundreds of millions of fake currency are most likely in circulation right now. To ensure that you are not the next victim of news like this, you must have a proper and efficient system in place in your business to prevent money counterfeiting and save your business from a huge loss. While there are many methods to detect counterfeit bills, if you have a large cash flow, investing in the best counterfeit bill detector is the best idea. The following strategies can help you combat counterfeit money.

Train your employees on methods to detect false invoices

In most cases, your cashier will be the first person to handle the money you receive from customers. Therefore, it is essential to provide them with proper training sessions to avoid hundreds of thousands of losses in your business. In addition to them, you must also train the rest of your employees in case they have to deal with a transaction. The basic concepts you should know are:

Watermark: This feature is the most difficult for counterfeiters to duplicate on counterfeit notes. Real bills have watermarks that show the shadow of a portrait when held up to the light.

Treasury Seal: A real note consists of a clear and smooth seal, while counterfeit notes have a damaged or irregular appearance.

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Security thread: Most counterfeiters will try to print the security thread on the note. In reality, the security thread extends from the top to the bottom of a note and is pressed against the note. This is also difficult for counterfeiters to fake.

Check for sharp lines: The print quality of real banknotes is exceptional and pristine. Blurred edges or blurry lines are red flags of counterfeit money.

Do not accept large denomination bills without a check

It is easier for counterfeiters to defraud businesses with a single large denomination bill, and you can minimize your losses by not accepting those bills. To keep inconvenience to your customers at bay, you can post a note that you don’t accept large denomination bills or at least check the bills thoroughly.

You can also provide them with alternative payment methods, such as electronic payments. Please note that you should not completely eliminate cash payments as it is the most convenient and popular payment method.

Invest in equipment that authenticates money

With the advancement of technology, scammers are trying their best to match the quality and appearance of the fake coin to the real one. Investing in anti-counterfeit technology allows you to quickly check the authenticity of money at the point of sale to minimize the drop in your profit margins. This technology is ideal when you have a large number of customers and you don’t want them waiting in line while the cashier verifies the authenticity of the coin. The type of equipment you want to invest in depends on your budget and the needs of your business.

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Also read: How to check for identity theft?

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