Are You Prepared for Rising Use of Counterfeit Cash During Holidays?
Not surprisingly, use of cash increases during the holiday shopping season each year. Accompanying that increase is a dramatic surge in the passing of counterfeit currency, much of it extremely difficult to detect. The U.S. Secret Service reports that $80 million in counterfeit currency was passed during the 2012 fiscal year, with twenty dollar bills the most prevalent.
To handle the increased volume of sales, many retailers are hiring temporary help – people who may be lacking in the skill to detect counterfeit bills that, according to law enforcement reports, are now flooding stores and restaurants all over the United States.
As the holiday sales season ramps up, Garda encourages its retail and restaurant clients to take the time to train new employees on how to detect counterfeit bills and what to do if presented with suspect bills. Refresher courses for experienced employees will help keep your staff alert to the threat as well.
The U.S. Department of the Treasury offers suggestions for dealing with the problem when presented with suspect bills at http://www.treasury.gov/about/organizational-structure/offices/Treasurer-US/Pages/if-you-suspect.aspx
The U.S. Secret Service provides useful information on how to detect counterfeit bills at http://www.secretservice.gov/data/KnowYourMoney.pdf
“Our clients are amazed when we show them counterfeit bills detected in our processes,” says Garda Senior Cash Vault Services Manager Chris Bartos. “The recent trend of bleaching lower denomination bills to print counterfeit bills over them makes detection exceedingly difficult. We take every opportunity, especially during the busy holiday season, to assist our customers in addressing the problem of counterfeit currency.”