JUNE 7, 2016, MT. PROSPECT, IL – As long as currency has existed, counterfeiting has been a problem. Despite multiple bill redesigns, advances in sophisticated low-cost digital printing have made it easier than ever to produce fake money. According to the U.S. Secret Service, there is approximately $147 million in fake U.S. currency circulating globally, with 60 percent of that in the U.S.1
High currency volumes make casinos a big target for individuals trying to pass counterfeit cash, which can result in financial losses and public relations problems – making it even more important for casinos to guard against counterfeits. It’s not enough to identify counterfeit notes while preparing deposits or processing them at the bank. At that point it’s too late for casinos to trace the notes back to the source. And if unidentified counterfeit notes enter the casino’s cash system, they inadvertently may be sent back out to patrons, potentially damaging the casino’s reputation. To combat these problems, casinos should use detection devices at all cash entry sources.
Cummins Allison, the leading innovator and provider of ticket, currency and check handling solutions as well as ATMs, explains how casinos can safeguard against the risk associated with counterfeit bills by investing in currency processing systems with advanced counterfeit detection technologies.
Stopping Counterfeits Cold
Incorporating counterfeit note detection into all casino operations and devices that accept cash is not just a “nice to have” feature – it’s a necessity. That includes teller cages, slot machines, and automated kiosks that accept bills. It also makes sense to use counterfeit note detection in the main bank and even in the soft count room. Although source identification is more difficult when a counterfeit has made it to these locations, it can help identify the vulnerability point on the casino floor. The sooner a counterfeit bill is detected, the better the chances of finding and stopping it at the source.
Reducing Risk via Currency Processing Technology
Counterfeit detection can be seamless and non-disruptive to casino operations and the player experience. That’s because currency handling and processing machines – which have long been valuable tools for casinos – can be equipped to automatically identify and flag counterfeit notes.
Advanced currency handling and processing systems can incorporate several innovative counterfeit detection technologies, including:
Scan sensors: Identify the true value of clipped-corner bills to flag and challenge potential counterfeits.
Magnetic sensors:Compare magnetic ink levels on the currency with specific benchmarks for each denomination. High-value bills are carefully analyzed, while lower values have more tolerance for magnetic variance.
Fluorescence sensors: Test the paper of each bill, stopping the process when a bill fluoresces differently than legitimate currency should.
Enhanced ultraviolet:Ultraviolet (UV) sensing to validate paper authenticity.
Infrared sensors:Infrared (IR) sensors detect special security features to authenticate each bill.
Advanced analytic software: Works in tandem with sensors to deliver the most advanced form of counterfeit detection.
Serial number capture functionality is also included in many of today's advanced currency processing solutions. With its non-invasive nature, this technology can be used to capture the serial number of every note accepted at the cashier window, retail outlet or table game, without hindering the player experience. These serial numbers are stored in a database for future reference and tracking.
Currency Processing Technology: A Real Solution to Combat Counterfeit Money
As long as currency is circulated, people will try to pass fake bills. To safeguard themselves and their patrons, it’s essential for casinos to employ currency scanning equipment with advanced counterfeit detection technology. By implementing a robust counterfeit detection system, casinos will not only be able to detect attempted fraudulent activity, but also discourage it from happening in the first place.
For more information about how casinos and gaming properties can reduce costs and improve efficiency with technology solutions, visit http://www.cumminsallison.com/go/casinos/.
1 Can You Find the Forgery?; CNBC, September 3, 2015; http://www.cnbc.com/2015/09/02/can-you-find-the-forgery.html
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.