Counterfeit currency is a serious issue in the U.S., and many retailers use detection pens rather than money counters to determine if a large bill is fake. This is important because, if a business owner winds up with a fake bill, he or she will be unable to use or trade in that money. Often time, hotels, stores and other places where products or services are exchanged for cash are integral resources for law enforcement to intercept this illegal activity.
For example, Daily Republic reported police recently arrested a Modesto, California, man after he attempted to use a fake $20 bill at a motel. Authorities were notified of the counterfeit activity by the motel clerk, who accurately identified the fake money. Additionally, a North Carolina man was caught transferring large sums of counterfeit money from Uganda to the U.S when he attempted to use the fake currency to purchase coffee. Unfortunately for him, a savvy store associate identified the counterfeit bill he used and the plaintiff just recently pled guilty in federal court.
Unfortunately, counterfeit detection pens aren't enough for stopping and targeting the flow of fake money into the U.S. economy. As the Board of Governors of the Federal Reserve pointed out, counterfeit detection pens are not always accurate and may give people false results. Instead, workers, law enforcement officers and other individuals should be prepared to detect fake money by examining the bills security features and leveraging cash counters.
The problem is that advanced counterfeiters, such as the North Carolina man, know how to print fake bills onto paper that are not detectable by the pen alone. As counterfeit operations become more sophisticated and breach national lines, scammers have access to more advanced materials and supplies, and may even have the opportunity to print fake bills onto the material that is used to print real money. These two facts, coupled with the speed at which counterfeit bills can be dispersed into the national cash flow, add to the urgency to invest in money counters that are equipped with fake money detection.
Moreover, counterfeit detection pens are often perceived as unsafe, as they sometimes require an associate to detect fake money and confront the scammer right then and there. While this tool can be valuable in some situations, money counters are a more worthwhile investment.
February 26, 2016