At one point or another, we have all heard business news where many successful companies have exchanged their products or services for counterfeit money. According to reports, hundreds of millions of counterfeit currency are most likely in circulation right now. In order not to be the next victim of such news, you must have a proper and effective system in your business that will prevent money counterfeiting and save your business from huge losses. Although there are many methods to detect counterfeit money, if you have a large cash flow, the best idea is to invest in the best counterfeit detector, the following strategies can help you combat counterfeit money.
Train your employees on methods to detect fraudulent accounts
In most cases, your cashier will be the first person to handle money received from customers. Therefore, it is crucial to keep them properly trained in order to avoid hundreds of thousands of losses in your business. Apart from them, you should also train your other employees in case they have to deal with the transaction. The basics you should know are:
Watermark: This feature is the most difficult for counterfeiters to copy on counterfeit notes. Actual banknotes have watermarks that show the shadow of the portrait when held up to the light.
Treasury Seal: A genuine bank note consists of a smooth, transparent seal, while counterfeit notes have a damaged or irregular appearance.
Security thread: Most counterfeiters will attempt to print a security thread on the note. In reality, the security thread extends from the top to the bottom of the note and is pressed against the note. It is also difficult for counterfeiters to counterfeit.
Check the sharp lines: the print quality of genuine banknotes is exceptional and pristine. Blurred edges or blurred lines are a sign of counterfeit money.
Do not accept large denomination bills without a check
It’s easier for counterfeiters to defraud businesses with a single high-denomination bill, and you can minimize your losses by not accepting those bills. To avoid inconvenience to your customers, you can put a message that you do not accept high denomination bills or at least check the bills thoroughly.
You can also provide them with alternative payment methods, such as electronic payment. Please note that you should not completely eliminate cash payments because it is the most convenient and popular payment method.
Invest in equipment that authenticates money
With the advancement of technology, scammers try to match the quality and appearance of the fake currency with the real one. Investing in anti-counterfeit technology allows you to quickly authenticate money at the point of sale to minimize the drop in your profit margin. Such technology is ideal when you have a large number of customers and you don’t want to keep them in line while the cashier verifies the authenticity of the coin. The type 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?
Categories: How to
Source: HIS Education