Accurate money counters are a great way for business owners to feel secure with every cash transaction because counterfeit bills continue to plague businesses worldwide. The scams come in many forms. Some involve large-scale printing operations with heavy machinery, some involve inkjet printers and some even use Monopoly money. In fact, in June 2016, a group of criminals cheated British jewel dealers out of over £7 million (nearly $10 million) with the famous board game's currency, the Guardian reported.
Regardless of how the bills are made, they found their way into grocery and convenience stores, major retailers and small yard sales. According to CNBC, there is currently close to $147 million of fake U.S. currency circulating the world, and about 60 percent of it is in the U.S. Over 2,000 people were arrested by the Secret Service in 2014 for involvement with counterfeit scams, and they additionally closed 188 manufacturing plants across the globe. Despite these staggering statistics, your business has still only has a small chance of encountering fake bills. CNBC reported that about 1 bill out of every 10,000, is fake, but that shouldn't stop you from taking the necessary precautions to protect your business and ensure you are receiving legal tender.
The Secret Service provides information online how to check for fake bills. These processes include checking for watermarks, 3D security strips, proper serial numbers, and taking a closer look at the $20 bills, which are most commonly counterfeited. While these methods may help you identify counterfeits, they will cost you a lot of time in the long run. Investing in an accurate money counter will provide you peace of mind, help you avoid legal issues and make your operations more smoothly.
August 25, 2016