Consumer Tips

Counterfeit Currency

Whether you're an individual or a retailer, it's critical that you learn to spot the signs of counterfeit money. You could save your business and your employees hundreds, even thousands, of dollars.

Business owners should take the time to train their staff to recognize counterfeit currency using the simple steps outlined today. Businesses don't need to invest hundreds of dollars in counterfeit-spotting equipment, they simply need to invest a few minutes to train their employees.

Teach your employees how to deal with suspicious money, and how to deal with it safely.

Here's the message to employees:
Check each bill passed to you as we demonstrated earlier. It's quick and easy to do, and everyone should be in the habit of checking bills during each transaction.

Identify the common situations in which counterfeit currency is intentionally passed:
* Employees working alone are most often targeted
* Small purchases made with large denominations, in order to maximize the change received

If you suspect that you have been offered a counterfeit note during a transaction, assess the situation to ensure that you are not at risk. Then do the following:

* Politely refuse the note and explain that you suspect it may be counterfeit.
* Ask for another note (and check it too).
* Advise the person to check the note with the local police.
* Offer an alternative payment method, either by debit or credit.
* Inform your local police of a possible attempt to pass suspected counterfeit money.

Remember to be courteous: the person in possession of the bill could be an innocent victim who does not realize that the note is suspicious.

If you suspect that a note is counterfeit after a transaction, give it to the local police. If it's real, you'll get it back. And remember that it is a criminal offence to knowingly pass counterfeit money.

Diligent businesses and educated employees can help us further reduce the number of victims.

Business owners can get all the resources they need for training their staff by visiting the Bank of Canada website at www.bankofcanada.ca.