Growing currency fraud to drive need for money counters
As reports predict an upswing in incidences of fraudulent currency, the need and market for money counters with counterfeit detection are expected to grow in tandem.
A recent study from Transparency Research cited the increasing occurrence of fraudulent activities as well as global governments' deployment of new stringent regulations in response to an influx of counterfeit currency as pushing investment in money counters. Money counters with counterfeit detection capabilities can quickly check whether money is authentic.
Such technologies are deployed effectively in the transport industry, specifically airports and train stations, where fraudulent currency is often part of a larger investigation or fraught with security concern, the research explained.
Additionally, it's especially important for retailers to implement technology that can quickly scan and identify counterfeit bills at the point-of-sale terminal to confirm notes' authenticity. Money counters add an extra layer of security to fast transactions by recognizing fraudulent bills quickly. And with the sheer number of transactions most retail shops handle on any given day, it's imperative for business owners to catch counterfiet currency and avoid being stuck with a loss at the end of the day.
In the past few years, law enforcement noted a rise in counterfeit currency, with criminals benefiting from the easy availability of digital technologies. In fiscal year 2013, the U.S. Secret Service seized nearly $81 million in counterfeit currency, a 9 percent increase over the previous year. Furthermore, these new methods of printing fake currency make it harder for organizations to spot such fraud and even more likely for such crimes to increase unless preventative measures are taken. It should come as no surprise then that the market for money counters across industries is growing.