Counterfeit Money in the News: Learn to Protect Yourself

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Making counterfeit money has become easier than ever thanks to the creative technology available today. The infamous super dollar is a very good example of just how authentic counterfeit money can appear (See itescash.com to learn about it if you’ve never heard of it)

And unfortunately, when you get paid with counterfeit money, there is not actually much you can do about it when you don’t notice right away. The money will not be reimbursed by the government as many would hope. This means it is time for business owners and consumers alike to learn how to protect themselves against becoming a victim and losing money. Here are just a few recent stories making headlines…

Dream Vacation Disaster

A teacher from Oldham, 55 year old Pauline Westall, headed to the Mediterranean for her dream vacation. It turned into a disaster when she exchanged her money at a currency exchange shop. She didn’t realize until later that the shop had given her counterfeit cash.

Pauline attempted to use the fake money at a shop in Malta and was told it was counterfeit. Now, she is out 600 euros, as authorities cannot truly determine whether the cash came from her or the shop

This situation ended badly for Pauline, but her disaster can help you discover just how to spot fake money. Whenever you receive cash, it is important to check it over carefully before accepting. If it turns out to be fake and you attempt to spend it, it will be your problem to deal with, not the person who gave it to you.

foreign money
Counterfeit foreign currency may be the most difficult to detect.

Sonic Starts Noticing

Workers at a Sonic restaurant have discovered an influx of counterfeit cash lately. Employees at the Albuquerque Sonic on 8th and Bridge have found more than $200 worth of fake money coming in. The employees have gotten good at spotting counterfeit money, which is good since it’s them who pay out of pocket if the money is found in their cash registers

When you work in a restaurant, store or other place of business, and the responsibility is on you to make sure money is real, you really need to be careful about inspecting it. Anytime a bill looks suspicious, compare it to another within the register. Pictures of presidents, serial numbers and other information that look out of place or in anyway smudged or altered need to be reported

Products that Protect from Counterfeit Cash

There are products and equipment available that help protect people from counterfeit cash. Each business should incorporate these products into their daily routine to ensure no fake money is coming in. Counterfeit money detectors can be purchased that allow money to be scanned and checked for discrepancies. There are even pens available that test whether the money is made from the appropriate material. A small investment can really pay off in the long run and these machines/pens don’t cost as much as you probably think they do.

Money Insurance

Many business owners take out insurance policies for the building they’re in and the equipment and goods inside. What many fail to think about is an insurance policy for money. Counterfeit money insurance is available for businesses. It will cover any losses that come about due to counterfeit money being used

By watching the news and discovering stories about counterfeit money being used in your area, you can better prepare yourself for the situation. It’s important to study each bill and coin and learn which information is present.

Before you accept cash from anyone, check it over to ensure the information is correct as you know it. When in doubt, compare the cash you receive to another bill in your wallet. Learning techniques for spotting counterfeit money will help you avoid being in the situation yourself later down the line.

Veronica Davis is a former Marine, now a mom of two boys who has found a passion for freelance writing. She loves cooking and rarely misses something in the food industry, but she also enjoys writing about business, home and anything interesting.