Retailers have reported a rise in the frequency and quality of counterfeit bank notes.
The busy Christmas shopping season is prime time for counterfeit notes to pass through without detection as staff don't have the time to check.
Though fake $50 notes remain the most popular, with the release of the new $100 note in October retailers suspect that fraudsters are trying to run through their supply of old notes.
Alarmingly, the quality of fake notes are increasing. The Royal Bank of Australia (RBA) graded 40% of the counterfeit notes it received as “good to excellent.”
Retailers need to be aware that counterfeit notes have no value. If they are banked, financial institutions will simply deduct the amount from your account - you will not be reimbursed.
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