Counterfeit money is an enemy that many businesses face, and cash counters are a great defense. It doesn’t matter the type of counterfeiting job or who made it. If it’s fake, chances are money counting machines with counterfeit detection can quickly raise a flag to let owners know they’re handling false bills.
Five facts about counterfeits make cash counters relevant, especially during the holidays
To understand why cash counters are a necessity for a business, it’s important to learn some of the important facts about counterfeiting. Here are five key things to learn:
1. Cash remains king. Despite changes in payment patterns, the primary form of payment of many consumers is cash, accounting for 40 percent of all transactions.
2. It takes only one handoff for a counterfeit bill to work. Once a fake bill enters the local circulation, it will keep changing hands until somebody discovers it. Sadly, once it’s discovered, the last person holding the bill loses.
3. More fake cash is in circulation. According to the most recent data, the Secret Service seized $88.7 million in counterfeit bills in 2013. That’s up 9 percent from the year before.
4. The majority of all counterfeit bills use inkjet printer ink. All it takes is an inkjet printer to print new currency values on erased low-value bills. In 2014, 61 percent of all seized currency came from a digital printer of some kind.
5. Counterfeiting arrests are on the rise. The number of people arrested for counterfeiting rose 49 percent in 2013, and the Secret Service arrested 2,191 people in fiscal 2014 on counterfeit currency charges.
Banks do not reimburse you when you deposit fake bills.
Catching counterfeits with the right money counters
With all these facts, it’s a good idea to minimize your risk and consider using a cash counter in the back office as a defense against counterfeit bills. Cummins Allison has skilled sales professionals throughout the country who listen to your needs and can recommend money counters with counterfeit detection that meet your budget. Cummins Allison cash counters provide:
• Time-savings by counting and scanning cash at up to 1,600 bills per minute - and identifying fakes
• Reliable, upgradeable technology used by the top banks and law enforcement agencies