How to Identify Fake Banknotes
Even though physical cash is being used less and less often due to technological advancements and the effects of the COVID-19 pandemic, many of our clients do still handle banknotes on a daily basis. Unfortunately, fraudulent notes are very much still in circulation, so this quick guide will help you to spot them.
Material: Genuine notes have a unique feel to them because they’re printed on polymer. If you ever receive a note that doesn’t feel quite right between your fingertips, such as being too limp or waxy, this could very well be a sign that it’s bogus.
Raised print: The print will be slightly raised on the front of all genuine notes, such as at the top where it says ‘Bank of England’.
Serial numbers: Real banknotes have unique serial numbers, which means that no two notes will ever have the same number.
See-through windows: You’ll instantly spot a large see-through window with a picture of The Queen. The colour beside it will correspond to that of the denomination of the note. If the window looks odd in any way, the note could very well be a fake.
Foil patches: Below the main see-through window will be a silver foil patch containing a hologram. Tilting the note will cause the wording on the patch to alternative between the value of the note (such as Five, Ten etc) and the word ‘Pounds’. There’s also a 3D image of the Coronation crown in the upper foil patch.
UV light: Under a high-quality ultraviolet light, the numerical value will appear as bright numbers on the front of the note against a much duller background.
Check more than one security feature: Remember that counterfeiters are becoming increasingly sophisticated in their techniques, which means that you should always check at least two of the security features above in order to determine whether or not a note is genuine.
If you receive a counterfeit banknote: Fake banknotes aren’t worth the paper they’re printed on. Banks won’t reimburse your business for counterfeit notes, which means that the culprit made off with your goods without paying for them. If you suspect that you have a counterfeit banknote, please take it to your nearest police station.
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Tagged as: Accountancy Tips & Advice
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