How can you protect your buisness from receiving conterfeit currency?
Today, unfortunately, counterfeiting is on the rise. One reason is the ease that large quantities of counterfeit currency can be produced using today's sophisticated photo scanners and color copiers.
Why is counterfeiting such a big deal? Consider the following scenario -- if you unknowingly receive a phony $20 bill and then try to deposit it at your bank, it will be scanned, detected as counterfeit and seized. Bottom line: you're out $20.
So, what can you do to protect your business from unwanted counterfeit bills? The government has added several easily recognizable anti-counterfeit measures to frequently used denominations -- take the new $10 bill for example.
The most common types of counterfeit detection measures built into a bill are ultraviolet (UV) and magnetic (MG). There are several affordable counterfeit detectors available on the market that recognize these properties and determine if a bill is valid or not.
UV counterfeit detectors feature a light that makes built-in features in a bill light up and appear a sort of yellowish green. Machines with MG detectors detect magnetic ink that is in the currency. When a bill is slid over the detector, a light or audio signal will let you know if it is authentic or fake. Some detectors include a built-in light that makes it easier to see watermarks.
Some currency detectors can also count a stack of bills. Most are designed to work only with U.S. currency only. Although many can count currency from other countries, the counterfeit security features will not work. Be sure to find out what security features your country uses before purchasing a bill counter.
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