Fraud Prevention Blog

Jimmy Aitchison

Recent Posts

Counterfeit Money Increases 130%

Posted by Jimmy Aitchison on Wed, Oct 27, 2010 @ 04:05 PM

Recent articles in the Los Angeles Times and Inc. magazine discussed the release of a report from the Secret Service in which it was revealed that 2009 saw a year-over-year increase in counterfeit money seizures of greater than 130%.

Topics: counterfeit money, fake money, counterfeit fraud, currency news

Identity Theft Enabled through Social Media Sites

Posted by Jimmy Aitchison on Wed, Jul 07, 2010 @ 03:10 PM

International Law Enforcement Takes-Down a “Top 10” Site

Topics: identity theft, verification of ID, fraud prevention

Detecting Counterfeit Money, Part III: Microprinting and Fine Lines

Posted by Jimmy Aitchison on Fri, Jul 02, 2010 @ 11:45 AM

(This is the third post in our counterfeit money series. The U.S. dollar printing machinery that allows use of rainbow color-changing ink can also create some extremely fine printed detail. On close inspection, the portraits on $100 dollar bills particularly reveal curved lines and even "hidden" writing. 

Topics: counterfeit money, fake money, counterfeit fraud, fraud prevention

Counterfeit Money Manufacturer Gets Prison Sentence

Posted by Jimmy Aitchison on Wed, Jun 23, 2010 @ 01:43 PM

counterfeit moneyIn another case highlighting just how widespread is the use of "washed notes", the Sacramento Bee reported today that a Lodi man had been sentenced to 30 months in prison for making and distributing over $277,000 worth of counterfeit money.

Topics: counterfeit money, fake money, counterfeit fraud

Counterfeit Money: Flood of Fake $100’s Hits East Coast

Posted by Jimmy Aitchison on Mon, Jun 14, 2010 @ 03:13 PM

Ever since this past winter, we have been hearing from all sorts of businesses that the East Coast of the U.S. has been getting "slammed" with counterfeit money, including new $100 bills.

Topics: counterfeit money, fake money, counterfeit fraud

Stop Burying your Head in the Sand and Start Fighting ID Fraud with Automatic Verification!

Posted by Jimmy Aitchison on Fri, Jun 04, 2010 @ 06:26 AM

Every day in the business world, organizations strive to be the best. They work to identify the Who's Who in their industry, understand how their competitors achieve success, and then strive to find ways to gain similar results by doing it better, faster, and cheaper.

Topics: verification of ID, mortgage fraud, Underage sales, authenticating driver's licenses

The Burden of Counterfeit Money

Posted by Jimmy Aitchison on Wed, Jun 02, 2010 @ 04:02 AM

Pity poor David Lipin. He cashed a $1000 USPS Money Order at a local post office and got a wad of counterfeit bills, according to the L.A. Times. He didn't know they were fake; and presumably the post office clerk didn't know they were fake. But the gas station attendant on Lipin's next stop immediately did -- and called police.

Now Lipin is out a grand, even though it was handed to him by a government institution. The Times quotes Wayne Williams, who oversees the L.A. office of the Secret Service (which is part of the Treasury):  "The post office operates as a business. It takes in money from customers. Postal workers don't really have special equipment or training to spot fake money." And he's talking about government employees here.

Moral of the story? Well, there's several. Most obviously, even the experts can be fooled. The guilty post office failed at least two chances to catch the forged bills -- once when taking them in and then again when handing them out.

More importantly, the government seems to put the burden of false money on the accepting party. Quoting Williams again, "Unfortunately, counterfeit money is like a hot potato. Whoever ends up with it last is the victim." It is your responsibility as a business, as an individual consumer, to ensure the cash is real. The buck does literally stop with you.

Topics: counterfeit money, fraud prevention, currency news

Counterfeit Money: Past & Present

Posted by Jimmy Aitchison on Tue, Jun 01, 2010 @ 11:33 AM

A recent issue of “The Week” magazine gave a nice overview of counterfeit money. The article traces the well, rich, history of counterfeiting to the Revolutionary War days, when Britain circulated fake bills among the colonies as part of its economic battle plan. Fast forward to now, some two hundred and fifty years later, and this problem has only grown as new technology enables even relatively unsophisticated criminals to create passable imitations of dollar bills. But their operations are small fry compared to organized counterfeiting rings run by international drug cartels and hostile nations.

Topics: counterfeit money, fake money, currency news

Counterfeit Money: Will Fraudsters be able to Counterfeit the New $100?

Posted by Jimmy Aitchison on Tue, May 25, 2010 @ 02:05 PM

For years, fraudsters have been efficiently producing credible counterfeit money using nothing more than over the counter materials and basic home-publishing equipment.

Topics: counterfeit news, counterfeit money, fake money