Deterring counterfeit cash is a top priority for business owners, and money counters are integral to implementing a solid detection strategy. TAPintoSONOMA wrote that, according to the Township of West Orange, New Jersey, there were recently multiple incidents involving fake $100 bills falling into the hands of merchants. The township issued a statement to all store owners in the area explaining the fake cash originated as $5 bills and were washed and reprinted as $100 bills.
Business owners in the area, including Julie Orenstein of Mark and Julie's Homemade Ice Cream, shared tips for detecting fake currency that all merchants should employ. According to Orenstein, she runs her fingernail on the jacket of the pictured president. If ridges appear, the bill is real, otherwise, the bill is likely fake. Additionally, Daniel M. Tower, executive vice president and chief financial officer at Regal Bank encouraged residents to download training documents from the Department of Treasury and thoroughly train staff to spot fake bills.
Fraud prevention is a major concern across all industries, which is why thought leaders and business owners alike are so willing to share their insights on how to stop fake cash from plaguing a business. For instance, Fraud Fighter's Fraud Prevention Blog shared three tips merchants can use to teach employees how to detect counterfeit money:
1. Download the Department of Treasury's multi-note booklet and poster to learn how to detect fake money and memorize security features on each bill.
2. Test workers by having each employee display their knowledge surrounding the security features for each bill.
3. Train employees to be mindful and detail-oriented during transactions. Workers should always face bills (ensure the face is pointed upward and in the same direction), keep cash organized and count money twice for accuracy.
Moreover, Fraud Fighter urges merchants not to rely on counterfeit pens, which are far too often inaccurate, or assume even the most experienced workers know how to detect fake money.
Even with the best training, skills and knowledge, business owners have a keen interest in doing everything they can to keep fake money out of their businesses. Money counters bolster even the best detection strategies and empower employees with the technology they need to spot counterfeit cash immediately. As TAPintoSONOMA reported, West Orange Dunkin Donuts owner Adam Goldman uses counterfeit detection technology and has detected fake money through the machine in the past.
Investing in technology that has the ability to stop fraudsters in their tracks is invaluable to businesses today. In addition to the tips and strategies provided by West Orange merchants and Fraud Fighter, merchants can supplement their processes with cash counters.
April 18, 2016