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Fraud Prevention Blog

Time Magazine - Peru is World's Counterfeit Currency Capital

Posted by Sean Trundy on Wed, Dec 01, 2010 @ 10:04 AM

In an interesting Nov 25th article in Time Magazine, author Lucien Chauvin describes how Peru has become the leading supplier of counterfeit currency in the world. 

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

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

Why Detector Pens Will Not Save You From Counterfeit Money

Posted by Gary Satanovsky on Wed, Jul 28, 2010 @ 10:44 AM

 

Money counterfeiting, as any other crime, doesn't stand still. Fraudsters continually evolve their methods to circumvent new counterfeit detection methods, and businesses and law enforcement agencies must to do the same to stay a step ahead. The counterfeit detector pen serves as an excellent illustration of the never-ending battle between the two, and the dangers of falling behind in the race with counterfeiters.

The original DriMark detector pen was patented on a simple premise: look for the presence of starch, commonly used in commercial paper production to make the pages crisp and white. U.S. dollars are printed on cotton paper which doesn't react to iodine in the pen, while counterfeits circa the time of the pen's inception were printed over regular office paper. Mark a fake bill with the pen, the idea went, and the color turns from golden yellow to bluish black, exposing it.

Sure enough, it didn't take take long for counterfeiters to find a solution. Coating fake bills in a substance that iodine can't penetrate – as simple as hairspray – produced a barrier between starch and iodine, preventing the reaction. The ink remains the same color. Or even more simply (and this was reportedly noted by the police in Los Angeles), a fraudster could walk down the paper aisle of the local office supply store and mark every brand of paper with the detector pen until finding one that did not change color.

Despite this well-publicized criminal breakthrough, too many business owners continue to believe in the efficacy of the pens. A recent interview of a Marion County, IN pizzeria owner who got scammed out of $100 revealed the typical business attitude towards conterfeit detection: “Yes we now have one of those marking pens that stays gold if it's real and turns black if the bill is counterfeit" he said, adding that if he had it prior to the crime he could have saved himself from losing the money.

He couldn't be more wrong. In fact, a lot of modern counterfeits will easily pass the pen test. They only remain popular partly due to public ignorance of their ineffectiveness and partly to their attractive price. Business cheaping out on these pens as their only means of counterfeit detection, however, risk losing a lot more than the $100 the unfortunate pizzeria owner did.

Topics: fraud protection tips, counterfeit money, fake money, counterfeit fraud

Detecting Counterfeit Money, Part IV: Intaglio Printing

Posted by Gary Satanovsky on Tue, Jul 06, 2010 @ 06:16 PM

We mentioned previously the intaglio printing process that creates fine lines around the portraits on genuine dollars. Now we get to see some details on the lines. Below is a magnification of Benjamin Franklin's engraved portrait on a $100 bill.

Topics: new $100, fake money, 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

Detecting Counterfeit Money, Part II: Color-shifting Numbers

Posted by Gary Satanovsky on Sun, Jun 27, 2010 @ 10:49 AM

Topics: counterfeit money, fake money, 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

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