Counterfeit money is being used in a town in Tennessee, which reinforces the fact that businesses could greatly benefit from money counters.
The Sevierville Police Department announced it received multiple reports of counterfeit money that made its way into local businesses, NBC Affiliate WBIR reported. The six businesses that contacted authorities received fake money in the form of $10, $10 and $50 bills. Employees - who have been instructed to use diligence when collecting money from customers - detected the fake money using counterfeit pens.
The Sevierville incident is just one among a broad range of counterfeit cases that hit the U.S. each year. In fact, CNBC's The Crunch wrote that according to data from the U.S. Secret Service, there is more than $147 million in fake U.S. currency in global circulation, 60 percent of which is still in the country. Moreover, The Secret Service arrested 2,191 people in 2015 for counterfeit currency charges.
Counterfeit currency is an epidemic that negatively impacts businesses and our economy. However, businesses can play a proactive role both preventing and detecting fake money, thus reducing its presence in the U.S. economy.
While many companies have turned to the tried and true counterfeit pen to determine when money is fake, this solution isn't enough to help businesses protect their ROI and deter fraudsters in the first place. By leveraging money counters, businesses can efficiently count large sums of money with technology that is equipped to recognize even the most advanced forms of counterfeit cash.
On the other hand, sticking to more outdated options such as counterfeit pens puts business owners at risk. Highly skilled counterfeiters know that by bleaching smaller bills and then reprinting larger denominations on the undetectable paper, the pen will not work. Additionally, more sophisticated operations that are unfriendly to the U.S. can gain access to actual currency paper that will fool the counterfeit pen each time.
The more businesses invest in cash counters, the less prevalent counterfeit currency will be in the U.S. This is important because the fact of the matter is that as long as people are able to use fake money, businesses and taxpayers will be stuck footing the bill. Brick-and-mortar shops of all sizes should use the technology to prevent fraudsters from stealing from them in the first place.
February 18, 2016