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18/11/2014

Retailers advised to keep watch for fake banknotes

Todays_sterling_290x141The Bank of England has urged retailers to be extra vigilant when checking bank notes during the 2014 festive season.

During this period, the risk of being given a counterfeit or fake bank note increases, with many retailers taking on temporary staff and convenience stores becoming busier.

Lucy Dennett, the Bank of England banknote directorate, said: “We are continually working to ensure our notes are secure and to help people understand how to check notes and what they should do if a counterfeit is discovered.”

According to Bank of England statistics, almost 230,000 counterfeit notes were intercepted and removed from circulation during the first few months of 2014. With nearly three billon genuine notes in the system, the chances of being given a counterfeit note may seem slim; however it’s important to stay vigilant.

Not sure how to check your customer’s bank notes? The top five security features to look for are:

–      The watermark – make sure this is evident on the notes.

–      The holograms on the £5, £10 and £20 notes – if this doesn’t look right then the note is probably fake.

–      The metallic thread must be in place.

–      The paper must be good quality, with raised print.

–      If given a £50 note, check for the motion thread.

 

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