Today’s businesses have plenty to worry about — from making sales, growing certain aspects of the company, employee retention, and cyber attacks are just to name a few. In fact, with 75% to 80% of malicious attacks coming from internal threats, businesses need to make sure they’re on top of their game at all times. But there’s one more thing that companies should be worried about recently: counterfeit money.
Counterfeit money has been an ongoing problem, but it’s recently been circulating in Kentucky, Illinois, and other states throughout the country. According to the Metropolis Police Chief, Harry Masse, the department has already seenmultiple cases of counterfeit money this year, amounting to dozens more than they saw last year.
While there are laws in place to prevent counterfeit money from being made, like the Counterfeit Detection Act of 1992, which states fake bills must be less than 75% of more than 150% the size of a real bill, counterfeit money continues to make its way into businesses across the country.
So, how can businesses tell when someone is trying to use counterfeit money?
One of the most common ways businesses test for counterfeit money is by using counterfeit detection pens. When marked on a fake bill, the marker color will turn a different color. But while this method is one of the most convenient, the pens aren’t always completely accurate.
When looking at a fake bill, you should always look for the characteristic watermark. On a real bill, the watermark should only be seen when held up to a light, it should be on the right side of the bill, and should match the face on the bill.
Along with looking at the watermarks, businesses can tell if a bill is real or fake by feeling the bill. The texture of a bill can determine whether it’s real or not — counterfeit bills will feel smooth, almost like real paper. But a real bill should have raised printing and an unsmooth texture. If the bill feels too smooth, it may be a fake.
If a business does come into contact with a counterfeit bill, there are a few important steps that should be followed. First and foremost, the police should be contacted as soon as possible. The counterfeit money should not be given back to the customer and businesses should take note of what the customer looks like to give a description if necessary.
It’s important to remember that businesses cannot exchange fake bills for real ones, so if a business receives a payment of counterfeit money, there’s a good chance they’re going to lose money. So as counterfeit bills are circulating, businesses should ensure they’re insured if possible and their employees know how to spot fake money.