Employees tasked with running cash registers and point of sale (POS) systems are a store’s first defense against credit card, ID document and currency fraud. Training point-of-sale employees to detect fraudulent identity documents, counterfeit money, and other problematic materials is an essential part of bolstering a company’s resistance to loss and theft.
However, even the best training programs cannot take the place of specially designed fraud detection equipment. Items like ultraviolet lights provide valuable support in loss prevention and company security.
Safeguarding Financial and Informational Transactions
Employees tasked with handing POS exchanges are often well-trained in fraud detection, though savvy counterfeiters are always looking for ways to escape detection. Ten dollar bills are the most frequently counterfeited of all US bank notes, precisely because they are of a relatively small denomination and so are unlikely to be scrutinized the way that hundreds, fifties or even a twenties frequently are.
False bills are not always handed over individually; they are frequently part of a stack of money that must be counted by hand. An automatic counter equipped with a built in UV light will instantly identify any fraudulent bill so the employee can remove it. Employees and agents handling large amounts of money each day should have relevant scanners to help them ensure that every transaction is authentic.
UV lights can pick up many important security features, such as:
- Hidden watermarks
- Hidden logos and official seals
- UV-reactive visible and invisible ink
- Security fibers
- Microprinting
- Holographic elements
- Chemical tampering reactions
Protecting Your Company
It can take years for an agency or organization to recover its reputation after a financial fraud takes place. According to a 2020 Price-Waterhouse-Cooper survey of global economic crime, more than 45% of businesses in virtually every sector reported being affected by economic fraud. The rate of economic crime has climbed from 37% in 2014 to 47% in 2020; this trend is only predicted to continue.
Every company has to take steps to resist the growing threat of economic crime. Armed with relevant training and the right equipment, your agents and employees will be able to protect your organization on a day to day basis.
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