Should you have a Company Policy regarding counterfeit banknotes?

Should you have a Company Policy regarding counterfeit banknotes?

Often overlooked, but retailers and businesses should establish a company policy to communicate to its employees the procedure that should be followed if they are presented or discover a counterfeit banknote.

Data shows that In 2017, around 469,000 counterfeit Bank of England banknotes with a face value of £10 million were taken out of circulation.

Awareness is everything and staff should be trained on how to identify a genuine banknote, fortunately, the Bank of England proves a range of educational material to help staff understand what to check for.
Educating your staff can save you lost of money, looking out for common techniques like passing a counterfeit note to buy a low value item to ensure they get the most money from the till.

The policy

The Bank of England believes the following elements form the basis of a good policy:

  • Establish a policy and ensure that staff are aware of it
  • Avoid confrontation and do not put staff at risk of attack or injury
  • Train staff in counterfeit detection by using educational materials 
  • Where possible retain the counterfeit note(s) and ask for an alternative means of payment. Take the customer’s details and give them a receipt, so they can be reimbursed by the Bank of England if the notes are found to be genuine.
  • Call the police as soon as possible and give them the counterfeit notes, or take them to the police station later if requested by them.

Products

Along with the policy there are a number of product which can be used –

Banknote UV Light

Use an Ultra violet on your notes to determine if they are real or counterfeit notes.

Note Checker Pens

Note checker pens are an inexpensive but highly effective solution to determining if you have a real note or counterfeit.

Banknote Counter

Rather than individually checking your notes use a banknote counter which count and spot counterfeit banknotes

If you happen to have information on anyone making, selling or buying counterfeit notes, you can contact Crimestoppers anonymously on 0800 555 111.

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