MT. PROSPECT, Ill.--(BUSINESS WIRE)--While high-profile data breaches have dominated recent retail security headlines, retailers cannot ignore the ongoing financial risks posed by counterfeit bills. Despite multiple bill redesigns, advances in sophisticated, low-cost digital printing have made it easier than ever to produce fake money. According to recent data, U.S. authorities recovered approximately $89 million in counterfeits from circulation. What’s more, the U.S. Secret Service estimates that approximately $2.5 billion of bills in circulation are fake.1
Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains how retailers can safeguard against costly losses and fines associated with counterfeit bills by investing in currency handling systems with advanced counterfeit detection technologies.
All it Takes is Once
For counterfeiters to be successful, their work is relatively simple: they only need to pass a counterfeit bill once. These counterfeits are often handed off through interactions with unsuspecting cashiers. And regardless of whether a retailer knows a bill is counterfeit or not, the organization that is caught with the forgery is stuck with the loss – and a potential fine. For small bills, this may not have much impact, but because the majority of counterfeits are $50s and $100s, fines can add up to be quite costly.
Prevention is Power
While counterfeiting will never be completely eliminated, retailers can leverage technology to proactively safeguard their profits. Today’s currency processing solutions are reasonably priced investments that increase accuracy and productivity with advanced security features, including:
- Scan sensors: Identify the true value of clipped-corner bills to flag and challenge potential counterfeits.
- Magnetic sensors: Compare magnetic ink levels on the currency with specific benchmarks for each denomination. High-value bills are carefully analyzed, while lower values have more tolerance for magnetic variance.
- Fluorescence sensors: Test the paper of each bill, stopping the process when a bill fluoresces differently than legitimate currency should.
- Enhanced ultraviolet: Ultraviolet (UV) sensing to validate paper authenticity.
- Infrared sensors: Infrared (IR) sensors detect special security features to authenticate each bill.
- Advanced analytic software: Works in tandem with sensors to deliver the most advanced form of counterfeit detection.
Using advanced counterfeit detection machines while also increasing one’s understanding of how counterfeits enter the system can significantly reduce the acceptance of false bills. With this increased prevention and knowledge, retailers can make adjustments to their security strategies and improve their ability to prevent counterfeit money from being accepted.
To learn more about how you can stop counterfeiters from stealing from your business, visit http://www.cumminsallison.com/go/counterfeit.
Sources:
1 Counterfeit Money: Keeping a Step Ahead of Criminals; Sophic Capital, January 7, 2015; http://sophiccapital.com/wp-content/uploads/2015/01/Download-Full-Counterfeit-Money-Report-Here.pdf
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.
