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Wednesday, July 11, 2018

What To Do If You Receive Counterfeit Currency

What To Do If You Receive a Counterfeit Note

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While coming across counterfeit notes isn’t a common occurrence, it’s important to know what to do if you do receive one.

Being able to identify counterfeit currency early on can help prevent you from ending up with ingenuine bills. Here are some tips on identifying and protecting yourself from counterfeit banknotes.

What CXI Does to Fight Counterfeit Currency

In order to prevent counterfeit currency, CXI has multiple layers of checks and training our staff receives. We also comply with our internal policy and process by submitting the incident to the secret service for review if we receive it.   

At CXI branches, our tellers utilize counterfeit detectors which can emit ultra-violet (UV) light, check for magnetic ink (common in banknotes), and have a watermark lamp. The UV lights can both reveal security markings, embedded security threads, and determine if the physical make up (material) of the currency is legitimate or has been tampered with such as with chemical washing/bleaching. These detectors can actually measure how much UV light is being absorbed or reflected with a great deal of accuracy. Watermarks are also a helpful security measure and the detail of the marking is an indicator of a fake or real note. Tellers are trained on visual and touch clues while dealing with the currency. Everything from raised print, wax or smoothness, holographic brands and markings, unique serial numbers, and missing text, images and markings on the banknotes are evaluated.

CXI’s branches have access to our database of all accepted currency denominations, including full color pictures, that is constantly updated for new banknotes and outmoded (not redeemable) banknotes. This ensures that we only exchange currency banknotes that are accepted and in circulation in the issuing country.

Everything is again tested and evaluated in CXI's vault processing centers to ensure another round of checks are in place.

Identifying a Counterfeit Note

You may be concerned that you wouldn’t be able to spot a counterfeit banknote if you had one. However, banknotes from every country are full of security features, so the most important thing is to familiarize yourself with your country’s currency features.

Common features present today include watermarks, holograms, and raised ink. Identifying these security features is more reliable than using a counterfeit detection pen.

Knowing Beforehand

Being aware of these security features mentioned above before you think you have received a counterfeit note is important. Once a counterfeit note is in your possession, you cannot exchange it for a genuine one. It is also important to keep in mind that knowingly passing one on is illegal. 

How to Report it

If you end up possessing a counterfeit note in any country the first step is to contact the local police. By passing your note over to the police, they will be able to inspect it to determine if the banknote is in fact counterfeit.

How to Avoid Counterfeit Bills

If you are in a situation where you are receiving cash for a major transaction or you are just suspicious about receiving cash from someone, you can always have them bring it directly to the bank with you. This will ensure that the funds are authentic during the transaction.

Hopefully you never have to find yourself in this situation, but if you do, hopefully these tips help you resolve it. If you are ever suspicious of any banknotes it’s extremely important that you report it immediately.

 

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About Currency Exchange International
Currency Exchange International, CXI, is the leading provider of comprehensive foreign exchange services, risk management solutions and integrated international payments processing technology in North America. CXI’s relationship-driven approach ensures clients receive tailored solutions and world-class customer service. Through innovative and trusted FX software platforms, CXI delivers versatile foreign exchange services to our clients, so that they can efficiently manage and streamline their foreign currency and global payment needs. CXI is a trusted partner among financial institutions, corporations and retail markets around the world. To learn more, visit: www.ceifx.com

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Posted By Jennifer Danuff at 12:00 AM
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