Be Vigilant Against Counterfeiting
When a new series of bank notes is introduced, counterfeiters have been known to target the outgoing series. There is currently an increase in counterfeits of paper series notes, so the Bank of Canada is reminding retailers to be vigilant.Checking security features in all notes—paper and polymer—is your best defence against counterfeiting. It’s quick and easy, and a good habit is to routinely check at least two security features. The features of the last several series of Canadian notes are described at www.bankofcanada.ca/banknotes. You can also download a convenient one-page resource to provide to your staff or to keep at your point of sale:
Remember that counterfeiters rely on cash handlers not checking their money in order to pass their counterfeits. Even the most advanced security features are helpful only if people check them. If you know your notes, you’ll be able to detect a counterfeit at a glance and protect yourself and your clients from fraud.
If you suspect a note is counterfeit:
- Explain that you suspect the note may be counterfeit, and politely ask for another one (and check it too).
- Advise the customer to check the suspicious note with the local police.
- Report it. The police should be informed of a possible attempt to pass counterfeit money in your community.
To fight counterfeiting, the Bank of Canada offers free training materials designed for retailers and presentations to help businesses learn to check their notes. For more information or to book a customized training session, email [email protected] or call 1 800 303-1282.