Counterfeit money is a major problem for small businesses, and cash counters are part of the solution. Fraud Fighter cited data from the Secret Service, which revealed there was roughly $1.36 trillion in U.S. bills in global circulation in March 2015 and a quarter of this amount was counterfeit. It was further noted counterfeit cash is a profitable, $654 million industry. Based on current numbers, fraudsters have little motivation to stop their illicit activities, which puts businesses and consumers at risk.
The trend in counterfeit money production is particularly problematic for small-business owners due to their sensitive bottom lines. When an owner or employee accepts a fake bill, he or she is then responsible for the value of that note. In effect, businesses lose both merchandise and money, as they are required to replace the fake cash with real currency.
To add to the bad news, traditional methods for detecting counterfeit cash are simply ineffective. According to Fit Small Business, the counterfeit pen is actually not reliable, because it only checks for common chemicals found in poorly manufactured notes. Instead, small-business owners must take advanced, accurate steps toward protecting themselves.
There are a number of steps small-business owners and their staff should take to prevent detrimental counterfeit money from landing in their cash drawers. All Business outlined a number of helpful tips worth considering:
Perhaps the most valuable piece of technology small business owners can invest in to protect themselves from falling victim to fake money is a money counter that features counterfeit protection. These machines are equipped with scan sensors, magnetic sensing, fluorescence sensing, enhanced ultraviolet, infrared sensors and proprietary detection techniques.
While training staff to recognize fake money and take precautionary steps to discourage its use in-store, human error is unavoidable and counterfeiters are becoming smarter every day. High-quality money counters have the ability to crack fraudsters' most advanced tricks and keep small businesses safe.
March 30, 2016