By: Carly Souther
Downloadable Product: U.S. Secret Service "Know Your Money" PDF
During the 2015 fiscal year, the U.S. Secret Service seized about $146 million in fake banknotes.
Most recently, in November 2016, the Secret Service announced its largest ever seizure of fake U.S. bills. $30 million and €50K were recovered from buildings in Lima, Peru. Some counterfeit notes, such as the Peruvian note and North Korea's "supernotes," are difficult-to-create: They are made from the same three-quarters cotton, one-quarter linen fiber paper composition used in real U.S. dollars. Others, such as a Virginia hairstylist's "washed" notes, are easier to create (but nonetheless difficult to detect).
Perhaps you think that your employees have examined so many authentic bank notes that they can quickly spot a fake. Yet, this may not be the case. Although the money becomes the customer's property when s/he leaves your institution, strict policies on refunding bills do not instill customer trust nor are the good for your corporate image.
If you'd like to learn more about the financial impacts of counterfeit currency and the protective measures your institution can take to prevent the receipt of fake money, register for our upcoming "Fraud Fighter" program on Thursday, 18 of May at 11AM ET.