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Do you really need fraud detection technology in your cash management activities?

Detect counterfeits with the right note counter

Identify counterfeit banknotes with the right note counter and scanner

The cost of fraud to U.K. businesses is sobering. According to a report by Financial Fraud Action, U.K. losses due to financial fraud totalled £768.8 million in 2016. This total included fraud involving remote banking, misuse of payment cards, and fraudulent cheques.

There's also counterfeiting to consider. The Bank of England claims that approximately 223,000 counterfeit banknotes with a face value of £5 million were taken out of circulation in the first half of 2018. It's very possible that even more banknotes were not detected and removed from circulation before being passed on to unsuspecting individuals or businesses.

If your business accepts a counterfeit bill and you don't have fraud detection technology, it's more than likely you'll have to eat that cost. The government won't replace it with a legitimate banknote.

Employee theft, fraud, and counterfeit notes collide to create a perfect storm for retailers, grocers, banks, and any other type of business that deals with cash flow issues. That's why note scanners a cash management system with fraud detection is so vital.

Using a note counter like A commercial currency counter and cheque scanner like the JetScan iFX is a powerful way to combat counterfeits fraud in the workplace. With different modes of detection sensing, it catches counterfeits that other systems may miss. due to employee theft and customers trying to pass counterfeit notes.Counterfeit note handlingt can process 1,600 banknotes per minute, and virtually eliminates the human error (accidental or intentional) that comes with hand counting. Other features:

Counterfeit banknotes and employee theft are nothing new, but with the right technology from Cummins Allison, merchants have more of an arsenal than ever before to combat them.

November 14, 2018