At one point or another, we all have heard business news where many successful businesses exchanged their goods or services in return for counterfeit money. According to reports, hundreds of millions of counterfeit currency are most probably in circulation right now. To ensure you aren’t the next victim of news like this, you need to have a proper and efficient system in your business to prevent counterfeit money and save your business from an enormous loss. While there are many methods of detecting fake bills, if you have a big cash flow the best idea is to invest in the best counterfeit detector, the following strategies can help you fight counterfeit money.
Train Your Employees on the Methods to Detect Fake Bills
In most cases, your cashier is going to be the first person to deal with money they receive from the customers. Therefore, it’s essential to give proper training sessions to them to prevent hundreds of thousands of losses to your business. In addition to them, you should also train the rest of your employees in case they have to deal with a transaction. The basics that they should know of are:
Watermark: This feature is the hardest one to duplicate by counterfeiters in counterfeit notes. Real notes have watermarks that show a shadow of a portrait when you hold them up to the light.
Treasury Seal: A real bill consists of a clear and smooth seal, while the fake bills have a damaged or uneven look to them.
Security Thread: Most counterfeiters will try to print the security thread on the note. In reality, the security thread runs from the top to bottom of a note and it is pressed into the note. This is also hard for counterfeiters to fake.
Check for Sharp Lines: The printing quality of real bills is exceptional and pristine. Fuzzy edges or blurred lines are red flags for counterfeit money.
Do Not Accept Large Denomination Notes Without Check
It’s easier for counterfeiters to scam businesses with a single large denomination note, and you can minimize your losses by not accepting such notes. To keep inconvenience at bay for your customers, you can put up a note stating that you don’t accept large denomination notes or at least check the notes thoroughly.
You can also provide them with alternative methods of payment, such as electronic payments. Keep in mind that you shouldn’t completely eliminate cash payments as it’s the most convenient and popular payment method.
Invest in Equipment that Authenticates the Money
With the advancement in technology, fraudsters are trying their level best to match the quality and look of fake currency with the real one. Investing in anti-counterfeiting technology allows you to quickly check the authenticity of money at the point of sale to minimize a drop in your profit margins. Such technology is ideal when you have a large number of customers, and you don’t want to keep them waiting in the queue while the cashier checks the authenticity of the currency. The kind of equipment you want to invest in depends on your budget and the needs of your business.
Also Read- How to Check for Identity Theft?