Fraud Prevention Blog

Detecting Counterfeit Money

Posted by Sean Trundy on Mon, Apr 27, 2015 @ 10:48 AM

The modern era of counterfeit money production has enabled anyone with a home computer, a scanner and a high-quality color printer to open-up-shop and become a counterfeiter. Easy access to counterfeit-capable technology makes loss prevention and counterfeit bill detection increasingly important for small and large retailers alike.

The bottom line is: counterfeiting can affect your company's bottom line. Your business will likely incur a loss in time, productivity and resources in addition to the forged face value of the worthless counterfeit. The 2014 Lexis-Nexis True Cost of Fraud survey, conducted annually, suggests that the “soft costs” associated with fraud typically equals more than 3-times the face value of the fraud itself.

Topics: counterfeit detection

July 16, 2014 - Think We’re Moving to a Cashless Society? Think Again!

Posted by Sean Trundy on Fri, Jul 18, 2014 @ 08:20 AM

It is a widely held belief these days that the end of the “cash economy” is upon us.  With rapid growth in online commerce, it would be understandable that many might assume that before long, we won’t even be able to use a physical payment instrument in the future. And, with the use of the second-most popular physical payment option - the personal check - sharply on the decline over the last decade in favor of payment cards, especially debit cards, it seems a reasonable assumption.

However the Diary of Consumer Payment Choice, conducted in October 2012 by the Boston, Richmond, and San Francisco Federal Reserve Banks, suggests otherwise.  Consumers choose to use cash more frequently than any other payment instrument, including debit or credit cards.

Topics: counterfeit detection

April 1, 2014 - To Detect Counterfeits, Check EVERY Transaction!

Posted by Sean Trundy on Tue, Apr 01, 2014 @ 11:27 AM

Would You Have checked his $100 Bill for Counterfeit?

When training your workers to detect and deter forgeries, they have to be told not to profile customers. 

Topics: counterfeit detection

May 30, 2013 - Peru is Counterfeit Currency Capitol

Posted by Sean Trundy on Thu, May 30, 2013 @ 03:27 AM

Topics: counterfeit money, counterfeit fraud, counterfeit detection, counterfeit money detectors

May 29, 2013 - New Canadian Dollars Already Counterfeited

Posted by Sean Trundy on Wed, May 29, 2013 @ 03:43 AM

Over the past 14 months, the Bank of Canada has released a series of newly designed banknotes. The new polymer notes feature a slew of security features, including raised ink, a transparent strip containing a metallic images that change colour when you tilt the bills, transparent text, and a frosted maple leaf window.

Topics: counterfeit money, counterfeit detection, counterfeit fraud prevention, counterfeit money detectors

Apr 25, 2013 - Second Time's The Charm? New $100 Release Date

Posted by Sean Trundy on Thu, Apr 25, 2013 @ 03:53 AM

I really can't give the Federal Reserve or the Bureau of Engraving and Printing a hard time.  The new $100 bill is an attractive and quite secure banknote.  Without doubt, the most secured note produced, to date, by the United States.

Topics: counterfeit money, counterfeit detection, currency news

Apr 24, 2013 - Death to Counterfeit; Those were the days!

Posted by Sean Trundy on Wed, Apr 24, 2013 @ 02:31 PM

I read an interesting Article yesterday on Motley Fool, one of the sites where I go for relevant and timely infromation about the economy and individual stocks.

Topics: counterfeit money, counterfeit detection, currency news

Counterfeit Detectors A Holiday Must for Retailers

Posted by Sean Trundy on Wed, Nov 07, 2012 @ 09:40 AM

Halloween is over and the holiday season is upon us.  This means retailers should expect large increases in the number of cash transactions seen coming across their counters. An increase in cash transactions means increased opportunities for someone attempting to pass counterfeit bills.  Unless businesses have a counterfeit money detector at the transaction counter - in conjunction with appropriate cash handling techniques and sufficient staff training - they may be susceptible to unscrupulous counterfeiters.

Counterfeit money detectors are simple and easy to operate.  There are several types to choose from depending upon the volume of cash being handled,number of  transaction locations and budget.  One thing we have cautioned on in past posts, and will continue to caution cash handlers about, is that relying mainly on visual inspection and a counterfeit detection pen is not a good idea.  It only leads to a reliance on the skill of your lowest paid employees' ability to know the security measures inherent in U.S. currency and to act appropriately in every instance.

Topics: counterfeit detection

Intelligently Handle Your Cash Operations

Posted by Sean Trundy on Mon, May 14, 2012 @ 08:13 AM

Manually counting cash is one of the best ways to lose money in your retail business.

Cash handling is one of the most problematic and worrisome aspects of retail operations.  There are three areas where cash handling losses occur most often: Ringing up a sale, counting down a cash drawer and taking the deposit to the bank.  If you have been in the retail business for any length of time chances are you have experienced a discrepancy or loss from any one or all three.  While written policies and procedures for handling cash will help minimize losses, their effectiveness is limited to the ability and honesty of the employees charged with counting and depositing the stores income.  Adding intelligent cash handling technology to your process greatly reduces or eliminates mistake and opportunity.

It has been said that a dishonest person will usually act dishonestly, unless it proves too difficult. But an honest person will generally remain honest unless given an opportunity to act dishonestly (without getting caught).  This is called "situational honesty" and is a major problem for retailers.  Three self describing factors can lead an honest person to act dishonestly: Opportunity, Pressure and Rationalization.  While a business owner can do little about an employee's pressure to steal or the employee's own rationalization, he can implement intelligent cash handling technology to reduce or eliminate the opportunity.

Topics: counterfeit detection, fraud prevention

Is a UV Money Detector Right for Me?

Posted by Sean Trundy on Wed, Apr 25, 2012 @ 04:14 AM

For as long as people have used paper currency, there have been attempts to counterfeit it.  In fact, the Secret Service was originally created to combat counterfeiting by Abraham Lincoln.  It's important to detect counterfeit currency before it's accepted as a payment for one simple reason.  Once the customer is gone, there's no calling them to inform them that they gave you a counterfeit bill and requesting they come back with real payment. 

Unless you've got the capability to quickly discern and reject potential fake currency as it's being presented by the customer, you're going to absorb the loss for it rather than simply asking for alternate payment.  There are lots of ways to detect counterfeit documents and money, but which one is the best?  Here we'll discuss the UV Money Detector: how it works, its advantages and disadvantages, and what it means to your bottom line.

Topics: counterfeit money, counterfeit detection