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13/11/2015

Warning surrounding counterfeit banknotes

With the festive season upon us The Bank of England is warning retailers of all sizes to ensure they pay maximum attention to the banknotes being used in their stores within the upcoming weeks.

Although counterfeit banknotes should always be on a retailer’s radar, the Christmas period may add to the risk due to factors such as higher numbers of customers, busy tills and temporary staff.

Guarding against counterfeit notes should be of extreme importance to all retailers as the implications of failing to spot one can be incredibly damaging. The bank of England notes that not only could it cost stores a lot of money, it could also damage their reputation which could potentially harm future sales.

Within the first six months of 2015 approximately 119,000 fake notes were removed from circulation. The Bank of England notes that individuals attempting to pay with counterfeit notes will commonly try to purchase an item of lower value with a note of higher value, “this is so that they can get away with your stock and money from your till”.

As the busy festive season begins, retailers are urged to carry out quick checks to ensure they aren’t accepting fakes. Such checks include;

  • The watermark – when held up to the light, any real Bank of England note should reveal the Queen’s portrait.
  • The texture – on real notes the ink will feel slightly raised as opposed to fakes which will feel particularly flat.
  • The metal thread – this should appear as one continuous line when held up to the light.
  • The paper – genuine bank notes are printed on a fine cotton weave which shouldn’t feel like ordinary paper.

If a counterfeit note is discovered it is the retailer responsibility to get in touch with their local police.

Source: Convenience Store >>

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