Counterfeit Banknote Alert: Kerry
| 28 Sep 2017
Maura owns a store in a busy tourist spot in Kerry which was recently targeted by cash counterfeiters.
Unfortunately, the fake €50 note wasn't detected until the days takings were being deposited at their bank.
The store which also incorporates an off licence, does most of their trade at lunch time. The criminals had obviously done their homework and knew to take advantage of this fact.
It is believed that the fake note was accepted between 12pm and 3pm when they were in the middle of their lunchtime rush.
The note was handled by three people within the business without being detected as a fake. This included the staff member at the point of sale, the cash officer and Maura herself.
The store owner's bank suggested that she purchase an electronic counterfeit note detector for each till point and a quick internet search put her in touch with the team here at Money Point.
Our ECB tested Motorised Counterfeit Note Detector is compact and user friendly. It uses ICD (Intelligent Code Detection) to search for a code hidden inside the security thread of the banknote. It also uses Magnetic & Infrared Ink Detection along with Paper Quality & Thickness Sensors to determine whether a note is genuine or counterfeit. It can check both Euro and GBP notes which is helpful to Maura as the level of passing tourist trade means that they sometimes accept sterling banknotes.
We recommended one unit per till but suggested that Maura purchase one unit on it's own initially to see how effective it was and how easily it could be integrated into the sales transaction. Within days, Maura was back on to us to purchase additional units.
I've been in business 15 years and I've been fortunate with counterfeit notes until now. You just can't take the risk - it's basically the same as shoplifting or internal theft.
Using only one unit wasn't really an option for us. Customers don't like it if a staff member takes their cash out of sight to check it and our tills were too far apart for it to work. There was a risk of upsetting the customer which wasnt acceptable. I'm just delighted that we were able to source a solution for this problem so quicly, easily and inexpensively.
We also recommend periodic staff training for anyone handling cash in your business. Free training on how to use the 'Feel, Look, Tilt' method to recognise security features of the latest Euro notes can be found at http://www.new-euro-banknotes.eu/
The more counterfeit checks you have in place, the smaller the chances of your business being caught out. Unfortunately no one is going to reimburse you if you accept a counterfeit banknote and it is your legal responsibility to make sure the fake note does not go back into circulation.
Please be extra vigilant and double-check all banknotes at point of sale, especially if you are located in Kerry or surrounding areas.
To enquire about purchasing additional or new cash handling equipment, including point of sale counterfeit detection units, contact us now.
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