Counterfeiting on the rise in Scotland
Unfortunately for financial institutions, counterfeiting not only remains alive and well, but it is a growing business. A recent report in Express showed that a record number of fake Scottish banknotes, valued at £2.7 million, were seized last year.
The figure is troubling for Scottish officials because it represents a three-fold increase in counterfeit notes being discovered and disposed of in the past five years. In 2012, some 40,000 fake banknotes were discovered. Last year, that number jumped to nearly 130,000 counterfeit notes in denominations ranging from £1 to £100, according to the Committee of Scottish Bankers.
In a largely cash economy that is reliant on tourism, counterfeiting causes a big hit. Some estimates say that it cost the Scottish economy a total of £2 billion last year.
It's not only the Scots feeling the pain. The Bank of England reported that 469,000 fake banknotes were in circulation last year, totaling £10 million.
These forgers are constantly changing their methods and becoming more and more sophisticated, so that it's nearly impossible for cashiers to detect forged notes just by looking at them.
That's why it's so important, now more than ever, to use cash counting and sorting technology that has fraud protection built in, like the JetScan iFX i100. It's the fastest, most accurate money counter on the market. It also uses the most advanced counterfeit detection technology in the industry, with patented sensors and analytic software to analyse each banknote, catching counterfeits that others miss.
The forgers might be changing their methods, but advanced money counting technology can keep one step ahead of counterfeiters.
If you've been on the receiving end of a batch of bad notes, it may seem like there's nothing you can do. The last person holding that fake banknote loses out. But you're not alone. Others have protected themselves with counterfeit detection money counters that are fast, reliable, and affordable. Make sure your protected from sham money.
August 31, 2018