How To Avoid Losing Profits From Counterfeit Bills
May 2012 Integrated Solutions For Retailers
By Dr. Tomasz Jagielinski, SVP of technology, Cummins Allison San Diego Research Group
Constant vigilance combined with innovative currency-scanning systems help retail organizations win the battle over profitdraining counterfeit currency.
Counterfeiting of legal currency has been a challenge ever since money has been used in exchange for goods and services. Counterfeit currency poses a threat not only to banks, but also to retail stores, restaurants, and other cashhandling businesses. When counterfeit bills are discovered by banks in retail customers’ deposits, they are not accepted and their value is subtracted from the stated deposit total, diminishing the retailer’s revenues and profits.
That is why vigilance is required at the point of sale in detecting counterfeit money. While governments worldwide have incorporated more sophisticated security features and technologies into the design of paper currency, most retail employees may not be able to discern the authenticity of the money used in sales transactions. To assist in counterfeit detection, currency-processing systems now are designed to complement government efforts by including intelligent, affordable, technology-based machines.