For many small businesses, fake currency is causing real headaches.
The Los Angeles Times reports that the Secret Service, which is tasked with eliminating counterfeit currency, pulled more than $182 million in fraudulent currency in the fiscal year ending September 30, 2009. The amount represents more than twice the amount they removed in the same period last year.
Many small business owners have seen tell-tale signs of customers who try to pass off the fake currency. According to Debbie King, whose family owns Commercial Tire Company in California, they usually give themselves away.
"They start pacing around, and they start sweating because we are holding things up," King said in an interview with the news provider.
King isn't the only one catching on to the schemes.
Last month, law enforcement officers in San Diego busted an organized counterfeiting consortium. The news source reports that authorities discovered an operation that passed more than $100,000 in counterfeit $100 bills.
According to the Survival Guide for Small Business website, there are many ways small business owners can combat the use of fake bills.
One of the first ways they suggest is to hold the bill up to the light and verify that there is a holograph of a face, which should match the face on the bill. There is also a thin vertical strip that spells out how much the currency is worth.
Thursday, July 8, 2010
Sunday, May 23, 2010
New $100 bill unveiled to thwart high-tech counterfeits
Last month, when the Treasury Department announced that it was revamping the $100 bill yet again to curtail counterfeiters, the Associated Press said that the new design — which employs a new "moving" microprint technology — was "like something straight out of the Hogwarts School of Witchcraft and Wizardry."
To hype the new bill, the Treasury set up a website featuring a clock counting down the hours, minutes, and seconds to its unveiling. That clock just ran down to zero, with Treasury officials unveiling the new bill at a news conference at 10:15 a.m. ET Wednesday. While Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke were on hand for the occasion. Read More
To hype the new bill, the Treasury set up a website featuring a clock counting down the hours, minutes, and seconds to its unveiling. That clock just ran down to zero, with Treasury officials unveiling the new bill at a news conference at 10:15 a.m. ET Wednesday. While Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke were on hand for the occasion. Read More
Benjamin Franklin gets a facelift
Washington (CNN) -- Benjamin Franklin gets a facelift as the Treasury Department unveils a new $100 bill Wednesday, the first remake of the denomination since 1996.
The new design for the $100 note made its debut during a 10:30 a.m. ceremony at the Department of the Treasury's Cash Room attended by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. It is the first redesign of the denomination in 14 years See Story
The new design for the $100 note made its debut during a 10:30 a.m. ceremony at the Department of the Treasury's Cash Room attended by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. It is the first redesign of the denomination in 14 years See Story
Sunday, January 31, 2010
NEW Lower Price for Billcon D-551 Discriminating Money Counter
We have lowered the price on our Billcon D551 Discriminating Currency Counters . We are now offering this great machine for only $3379.95 while supplies last. You can find more information by clicking here This is a limited time offer, limit 2 per customer, prior sales excluded and can be withdrawn at any time.
Tuesday, January 12, 2010
Announcing the SH-100 Discriminating Mixed Bill Money Counter
Now Available, the NEW SH-100 Discriminating Mixed Bills Currency Counter. This two-pocket mixed bill counter can perform six functions including Mixed Bill Counting, currency sorting, facing, orienting, batching and single denomination counting. It also has three levels of counterfeit detection MG (magnetic) UV (ultra-violet) and IR (infra-red) . It is available for immediate delivery at count-money.comSale Price is $2,599.95 Quantity discounts are available.
Thursday, October 1, 2009
New Product Announcement CR-Mini Money Counter
Announcing the CR-Mini Money Counter from Count-money.com Compact and ultra light, CRMini is the best MINI BANKNOTE COUNTER on the market. Despite its small size, it possesses all features of a regular-size banknote counter, including multi-function counterfeit detection. Easy transportability and ergonomic design make CRMini the money counter of choice for many small and medium-size businesses. Best for counting small amounts (under 100 bills in a batch). UV counterfeit detection. Works with USD, Canadian Dollar, Euro, Mexican Peso, and many other currencies.
Wednesday, July 29, 2009
Now even counterfeitr $1 Bills !!
Suffolk sees a rash of counterfeit money
Counterfeiting hits Suffolk
By R.E. Spears III (Contact) Suffolk News-Herald
Published Monday, July 27, 2009
A rash of counterfeit currency in Suffolk has prompted city officials to warn consumers to be vigilant in checking their bills when they receive change for transactions.
Counterfeit bills in denominations ranging from $1 to $100 have become increasingly common during the past three months, according to Suffolk spokeswoman Debbie George. And counterfeiters have begun to respond to detection efforts by making phony bills of increasingly smaller denominations.
“With the advent of new printers, we do get counterfeit bills a lot more than we used to,” George said, noting that there have been 14 reported incidents in the past 90 days, compared to eight in the same period last year.
“What’s unusual,” she added, “is that the bills appear to be smaller denominations.”
During that period, police have intercepted two $100 bills, two $50 bills, five $20 bills, two $10 bills, two $5 bills and one $1 bill.
Since many businesses now use counterfeit-detection pens for bills at the $20 denomination and higher, criminals have begun to make bogus bills in smaller denominations, she said. Those bills are unlikely to receive the same scrutiny as larger ones, and they sometimes find their way back from retailers to consumers, who receive them in change from purchases.
“The public needs to be aware,” she said. “If they get stuck with that money, the chances of them getting their money back are slim.”
That was the situation in at least two weekend incidents in Suffolk, when cashiers notified their customers that the money they were using to pay for their purchases was fake.
In one of those incidents, the customer told police he had received the bogus bill from his employer, George said. The other customer said he had received the bill in change from another business. No arrests were made, she said.
In a third weekend incident, a customer paid for $136 in lottery tickets and $20 in gas using a $100 bill and three $20 bills. The $100 bill was later found to be counterfeit and was turned over to police, along with a video recording of the person who passed it.
Even the city has not been immune to the spate of counterfeits, having received a fake $20 bill in payment last month for a water bill, George said. That bill was later discovered by the bank.
Suffolk police have contacted the U.S. Secret Service, which is investigating the rash of counterfeits, but there is reason to believe the incidents are unrelated, she said, since police usually find bills of the same denomination — and even the same serial number — when a rash of counterfeit money breaks out in a community.
The best defense against counterfeiters, she said, is to pay attention.
“I would certainly recommend that when you get your change, you actually look at the money they’re giving you.”
Counterfeiting hits Suffolk
By R.E. Spears III (Contact) Suffolk News-Herald
Published Monday, July 27, 2009
A rash of counterfeit currency in Suffolk has prompted city officials to warn consumers to be vigilant in checking their bills when they receive change for transactions.
Counterfeit bills in denominations ranging from $1 to $100 have become increasingly common during the past three months, according to Suffolk spokeswoman Debbie George. And counterfeiters have begun to respond to detection efforts by making phony bills of increasingly smaller denominations.
“With the advent of new printers, we do get counterfeit bills a lot more than we used to,” George said, noting that there have been 14 reported incidents in the past 90 days, compared to eight in the same period last year.
“What’s unusual,” she added, “is that the bills appear to be smaller denominations.”
During that period, police have intercepted two $100 bills, two $50 bills, five $20 bills, two $10 bills, two $5 bills and one $1 bill.
Since many businesses now use counterfeit-detection pens for bills at the $20 denomination and higher, criminals have begun to make bogus bills in smaller denominations, she said. Those bills are unlikely to receive the same scrutiny as larger ones, and they sometimes find their way back from retailers to consumers, who receive them in change from purchases.
“The public needs to be aware,” she said. “If they get stuck with that money, the chances of them getting their money back are slim.”
That was the situation in at least two weekend incidents in Suffolk, when cashiers notified their customers that the money they were using to pay for their purchases was fake.
In one of those incidents, the customer told police he had received the bogus bill from his employer, George said. The other customer said he had received the bill in change from another business. No arrests were made, she said.
In a third weekend incident, a customer paid for $136 in lottery tickets and $20 in gas using a $100 bill and three $20 bills. The $100 bill was later found to be counterfeit and was turned over to police, along with a video recording of the person who passed it.
Even the city has not been immune to the spate of counterfeits, having received a fake $20 bill in payment last month for a water bill, George said. That bill was later discovered by the bank.
Suffolk police have contacted the U.S. Secret Service, which is investigating the rash of counterfeits, but there is reason to believe the incidents are unrelated, she said, since police usually find bills of the same denomination — and even the same serial number — when a rash of counterfeit money breaks out in a community.
The best defense against counterfeiters, she said, is to pay attention.
“I would certainly recommend that when you get your change, you actually look at the money they’re giving you.”
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