The Bank of England has launched a Banknote Checking Scheme. Aimed at cash-handling businesses it seeks to promote banknote checking at point of sale; and to reduce the number of counterfeit notes being accepted and thus reduce losses.
Any retailer or business can sign up as a supporter by pledging their support annually to a set of six guiding principles. The Scheme encourages banknote checking tailored to each individual business model. Supporters will have access to advice and training materials: leaflets, posters, online computer-based training and webinars, plus updates on banknote topics such as the issue of new-style banknotes and withdrawal of old-style notes. The Bank has worked with the Association of Convenience Stores (ACS), British Retail Consortium (BRC), Crimestoppers, National Crime Agency (NCA), National Pubwatch, Petrol Retailers Association (PRA) and Retailers Against Crime (RAC).
Victoria Cleland, Chief Cashier at the Bank of England, said: “Retailers and other businesses are the front line of defence against counterfeiting. Counterfeit banknotes are only produced because criminals believe they will find somewhere to spend them and can do so without consequence. We are introducing the Banknote Checking Scheme to make this even more difficult. Don’t let counterfeit banknotes be a cost to your business, your customers or your reputation.”
The Bank of England points to making its notes more resilient against counterfeiting by printing the £5 and £10 notes on polymer. Although relatively rare, any counterfeit banknote is worthless, the Bank points out. Visit: www.bankofengland.co.uk/banknotecheckingscheme.
