Tell us
what you think
Our Sponsors
 |
Our Sponsors
|
Is It Real? Or Is It… Counterfeit?
Have you ever watched a skilled teller count cash? The teller's hands move so quickly that it seems impossible that they could feel any difference at all in the bills they are counting.
But just let a counterfeit bill be in that stack of cash, and you'll see the teller's hands come to a screeching halt. He or she knows in that instant that this is a bad piece of currency-a counterfeit.
The United States Government is more concerned than ever about increased counterfeiting. The banking industry is also concerned, because with new technology, the extremely sophisticated color copiers now on the market, and new laser techniques, the scope of counterfeiting has become a major problem. It has even gone beyond just currency.
Duplicating currency is, however, the most frequent form of counterfeiting. If you happen to find a counterfeit bill in a deposit you want to handle it the way the Secret Service mandates. Reduce the deposit by the amount of the bill. Give the customer a receipt for that amount. Either place your initials and the date right on the bill, or put it into an envelope, seal it and put your initials and date on the outside.
Then contact the Secret Service in your area. If the bill is good, they will tell you and you can then credit the customer. If it isn't, they may want information from you, and perhaps from the customer as to where the currency came from.
The customer won't be happy at the loss, no doubt. But you should not give the bill back to the customer.
There are several ways of counterfeiting currency. Offset printing, laser copies, and color copying are the most common.
And of course, all are actual size.
It used to be that you couldn't reproduce currency in any manner. But just a few years ago the law changed, and you may now copy currency as long as it is black and white, it must be at least 1 1/2 times larger than real currency, or less than 3/4 the original size. (That means if you are copying your bait money in actual size on your office copier, you're breaking the law! Set the copier on enlarge or reduce.)
The new color copiers make excellent copies of currency. In most cases, however, you can spot them pretty easily. They'll have a shiny, glossy appearance to them. In some cases the fine detail may be blurred and solid looking instead of web-fine. Others, having been made on the brand new equipment, will have all details on the color copy-even the red and blue threads. But in all color counterfeits we've seen so far, no matter how good they look, the feel gives them away. There is just SOMETHING that feels different. A good teller will catch it every time.
In a defensive measure, the U.S. Treasury has started circulating a newly designed currency with security features built in. For instance there is a polyester thread running down the side of the bill, visible from both sides, that will not reproduce on a color copier. And the new border around the portrait is so fine that if an attempt is made to copy it, it will only reproduce as a solid line instead of as the words "The United States of America" as is on the original.
The $100, the $50 and the $20 are already in circulation. The $10 and the $5 will be out in 1993. The $1 will not be replaced with the new design. (See Vol.II, No. 7 for details on the new currency)
Counterfeit currency runs in spurts. Where you find some, you'll probably find more. And you'll normally find them in your retail store deposits. Counterfeiters don't usually come into financial institutions with their phony currency. They know better. But often the bills will get past clerks in retail establishments.
And to put to rest a myth about real currency-you very often hear someone say, "Rub the bill on a plain piece of white paper. If it's real, it won't rub off."
Yes, it will.
It will rub off in the same green it's printed. If you rub a color copy on that same piece of paper, it will more than likely rub off black instead of green.
There are several "currency testers" on the market, but, according to the Secret Service, none of them are 100% fool proof. The only real 100% sure test, as a matter of fact, is to put it in a washing machine! Real currency will wash, dry and iron beautifully. No counterfeit will stand up to that test. Puts a whole new meaning to the term "Laundered Money", doesn't it?
Isn't it strange that in this age of technology, we are back to basics to protect our institutions from this problem? Because whether it's currency, traveler's checks, checks or documents-whether it's color copier, laser, offset, or art-the best line of defense we have against counterfeits are the eyes and hands of our tellers.
BANKERS' HOTLINE thanks the Counterfeit Desk Personnel of the United States Secret Service Philadelphia Field Office for their assistance in preparing this article.
Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 5, 9/92
Rate This Article
Current Rating For the Feature:
| Is It Real? Or Is It… Counterfeit? |
| Total Ratings for this Feature: 0 |
|