NRA SafeCity Network Alert: Can you and your team identify counterfeit banknotes?

CRIME ALERT

How much will fake banknotes cost your business?

Did you know that if you accept a counterfeit banknote your business will have to wear the loss?
If counterfeit banknotes are banked, financial institutions will simply deduct the amount from your account. They will not reimburse you. Products paid for with fake banknotes, have technically been stolen. You may have also given change, which just adds to the loss.
Although our bank notes have some of the most advanced anti counterfeit measures in the world, there are still counterfeit copies in circulation. In 2017/18 around 25,000 fake notes were detected with a value of nearly $2 million dollars. According to the RBA, the number still in circulation is estimated to be 1.6 billion. Considering the size of our economy and the reduction in the use of cash, this is a staggering amount.
The increasing quality of printers and technological advances along with the ingenuity of the counterfeiters has meant that the quality of fakes is increasing. The RBA graded 40% of the counterfeit notes it received as “good to excellent.” $50 notes are the most frequently presented fakes.

If you haven’t been presented with a fake banknote- its highly likely that you will at some point in the future.

So how can you tell what is real?
One of the easiest ways to check is the “scrunch test”. As all our notes are printed on plastic, if you scrunch them up in your hand, they should bounce open as soon as you open your hand. Even those that have supposedly been through the washing machine, should do this. Any banknote that does not open up quickly should be checked against the guidelines on the Counterfeit banknotes guide at the button at the bottom of the page.
To make sure you and your team know what to look for, print and laminate the guide and keep it next to the point of sale.
There is also an RBA Banknotes app for your phone, which can take you through the steps to check each type of note and then give you direction on what to do next.

Note scanning machines are also available which can be purchased and used to verify each note.
You have the legal right to refuse to accept any note that you suspect of being fake

What happens if you have accepted a fake note?
You are legally obliged to pass the note on to the State or Federal police.
Try to handle the note as little as possible to preserve any fingerprints. Record any information about how you received it such as a description of the customer. If you have video tape of the customer, make a copy and pass that on to the police. The form at the link below can be used to submit the suspect banknote.
https://www.afp.gov.au/sites/default/files/PDF/afp-suspect-banknote-submission-form.pdf

How to avoid accepting a fake note

Be vigilant- especially in very busy times. Christmas is prime time for passing counterfeits as staff are usually too busy to check.
Don’t allow the customer to rush you at the point of sale.
Train all staff on what to look out for, especial young / inexperienced staff.
Don’t be afraid to refuse to accept a note that looks suspicious.

Sources
https://www.rba.gov.au/publications/bulletin/2019/mar/recent-trends-in-banknote-counterfeiting.html

Counterfeit banknotes guide

About the NRA SafeCity Network

The National Retail Association’s SafeCity Network brings together retailers, government and law enforcement to better inform and equip retailers to reduce retail crime.

By reducing crime over the long term, the program aims to attract more shoppers and visitors, and ultimately create a more vibrant, safer retail precincts.

Participants in the SafeCity Network gain access to regular crime alerts and bulletins based on real-world intelligence shared by other retailers.

Have queries? Contact David Stout: d.stout@nra.net.au

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