Cash counters help minimize the cost of counterfeiting
One of the great deterrents of counterfeit money is a cash counter. It offers many features that help detect even the most sophisticated fake. A detection pen will still pass washed bills. Criminals can dupe magnetic rings by adding metal flakes to printer ink. Counting machines possess multiple methods to detect the authenticity of a banknote. That includes infrared light to detect paper quality, and ultraviolet light to mark consistency and the way a bill fluoresces. The use of multiple detection techniques at once can also assure that no false positives go through. Of course, to truly appreciate the advantages of this equipment, businesses should fully grasp the cost of false bills in circulation.
With cash counters, fake bills stay out of circulation
Counterfeit bills greatly hamper a business's ability to function. WBZ-TV reported that in the Commonwealth of Massachusetts alone, the U.S. Secret Service took $1 million in fakes out of circulation in 2014. That is no small number to contend with. Any business that ends up with the phonies ends up eating the loss, since no organization will insure against them. Innocent customers that get them as change suffer harm as well.
As noted before, washed bills have the distinct benefit of a similar paper structure to the higher denominations they impersonate. That means detection markers will pass them. WBZ-TV cited a situation in Swansea, Massachusetts where this occurred. The donut shop in question still thought the money was funny. A more thorough investigation resulted in the arrest of a woman from North Providence, Rhode Island.
Unfortunately, no business is safe from counterfeits, meaning it can cost them no matter the circumstance. This includes financial institutions that many people believe to be impervious to fakes. ABC 7 reported on a woman in Long Island who received $300 in phony money among the hundreds she withdrew from a bank. It was only after depositing it at another bank that used cash counters to detect fakes that she found out about the fraudulent bills. Standard practice dictates that once a customer leaves a bank, there is no way to prove the bills a teller gave him or her is counterfeit. It was only after some considerable persuasion that the customer received the money back. This situation only shows how important it is for businesses to do whatever they can to mitigate the circulation of counterfeits.
January 11, 2016