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Beware of Counterfeit Cash

December 12, 2018

 

The last thing business owners want is to be stuck with fake cash and due to counterfeits having no value and no compensation, this can prove to be quite a significant loss for businesses. 


Although fake currency in Australia remains low compared to world standards the Reserve Bank of Australia (RBA) warns of an increase of fake cash being circulated this Christmas period. 


To keep bank notes secure the RBA is introducing a new series of banknotes. You may have already seen the new series $50 note with its arsenal of hi-tech security features. This is the latest step in the RBA’s strategy to protect the currency. 
RBA Deputy Head of Note Issue James Holloway says there is a mix of old and new $50 notes in circulation.


“With a lot of cash changing hands over Christmas, it’s important people are familiar with the banknote security features – of both the new series and the older designs – to be able to quickly authenticate whether it’s a genuine note and minimise the risk of receiving a counterfeit,” Holloway says.


“We urge businesses to take advantage of the training videos and print materials we have available on our banknotes website. This material can help front-line staff become familiar with how to quickly and effectively check Australian banknotes.”


To help you or your staff identify counterfeit banknotes the RBA provides features on all its notes on the website. They also provide this handy referral guide which you can printout for your workplace. Note, you are well within your rights to refuse to accept a banknote if you have concerns about it.


Should you come into possession of a suspected fake banknote then these should be given to state or federal police. It is an offence to knowingly possess counterfeit banknotes and tough penalties can apply if passed on. 
 

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