If you are in a business that accepts cash for transactions, you are at risk of losing money due to counterfeit currency. Recent U.S. Treasury estimates believe there is over $70 million in fake money circulating in the United States.  This number is highly likely to grow as printer systems become more available and inexpensive. Also, there is no recourse if your business ends up with a counterfeit bill.  It is illegal to pass on the forged currency and the Treasury Department does not provide ‘financial enumeration.’ In other words, the fake buck stops here.  With you.  Depending on your type of operation, the risk could be quite large. Retail, hospitality/entertainment and banking businesses conduct a large amount of their transactions in cash which increases the probability of receiving phony bills. Counterfeiters also prey on companies who handle large amounts of money, hoping to take advantage of those who would overlook bogus bills. But, there are a few things businesses can do to help reduce the risk of accepting counterfeit currency: 

Learn about the currency identifiers. Authentic US currency incorporate features such as fluorescent and magnetic dyes, security threads, watermarks and special cloth-blended paper. It is important to educate your employees and yourself about these features in the $5, $10, $20, $50 and $100 bills. The $20 bill is the most counterfeited of all of the bills. Although human currency identification is not perfect, it is your first line of defense of accepting a counterfeit bill. For more information, visit The US Bureau of Engraving and Printing’s website.

 Investigate counterfeit currency detection systems and methods. There are products readily available in the market that aid in counterfeit detection. There a simple, easy to use pens resembling a highlighter that react to the cloth-blended paper used in today’s currency. The pen will create a black mark on counterfeit currency that was printed with a normal copier on inkjet paper. But a bill may pass this test if finer paper similar to US currency is used. For maximum protection, there are counterfeit currency detectors that identify the special inks as well as the infrared security marks that are considered counterfeit-proof. Products like the Cassida 3300 Counterfeit Bill Detector offer one of the most complete defenses against accepting counterfeit money available. The Cassida 3300 is easy to use and processes a bill in less than one second. For more information, visit http://www.racoindustries.com/cassida-3300.htm.

Determine the risk to your business. If your business operates with a high volume of cash transactions, consider investing in automated equipment like the Cassida 3300 . Although the cost is higher than a counterfeit detector pen, the investment can be minimal (less than $500.00) compared to the loss of revenue due to fake currency. If your business operates mainly on credit card of check transactions, an investment in the highlighter pens may make more sense. 

If you suspect a counterfeiter, please take the recommended precautions from the U.S. Treasury Department.

 There are ways to protect yourself from counterfeit bills and the damage it can do to your business.  Compared to being stuck holding the bag (of fake money), the small investment in counterfeit detection equipment can protect you from being ripped off by bad cash.