The Bank of England advises retailers
While counterfeit notes are uncommon, it's crucial to remain vigilant as they hold no value.
Verify notes at point of sale
Counterfeiters often target businesses where banknotes are not properly checked, typically using high-value notes like £20 to purchase low-value items. This strategy allows them to abscond with both your goods and money.
Ensuring the authenticity of banknotes is straightforward and quick. Here are some methods to verify notes:
Using ultraviolet (UV) lamps
A UV lamp emitting light around 365 nanometers is ideal for checking the fluorescent features on banknotes. Avoid using LED devices, such as key-fob style detectors, as they often emit light above 365 nanometers. Train your staff to recognise specific features, such as the colors in the UV numbers, to spot counterfeit attempts.
Avoid detector pens
Detector pens are ineffective for polymer notes and should not be relied upon to identify counterfeits.
Using banknote authentication machines
If you use machines for banknote verification, ensure they can detect the latest counterfeit notes. The Bank of England provides a machine-testing framework, allowing manufacturers to test their devices with counterfeit notes to ensure accuracy. A list of compliant models and software versions is available, helping businesses choose reliable equipment.
Take advantage of free resources and online training that highlight the security and design features of banknotes. The training includes a brief test and takes about 30 minutes to complete.
Other Resources
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Avoiding counterfeit banknotes | Free training module from Bank of England
The Bank of England has shared a free online training module on banknote security features.
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Practical steps to prevent credit card and payment fraud as an independent retailer
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Reducing the Carbon Footprint of Cash Processing – A Guide for Businesses
UK Finance and others who form the Cash Industry Environment Charter have been discussing best practices when it comes to cash deposits, and as a result have produced a short guide on reducing the carbon footprint.
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Tackling First Party Fraud
The BRC has released a plan to tackle the increase in 'Friendly' and 'First Party' fraud. The BRC's plan involves working with its members and partners, such as banks and the government, to reduce the financial losses and other problems.