Retailers and businesses will be much busier than normal over the Christmas period and often employ temporary staff, so there is an increased risk of counterfeit banknotes being passed. The Bank of England is encouraging retailers to ensure that all banknotes being passed in transactions are checked and to ensure all staff know what to do if they suspect that a banknote is counterfeit.
Counterfeit notes are a tiny proportion of the Bank of England notes in circulation; in the first half of this year, around 152,000 counterfeit notes were removed from circulation, relative to about three billion genuine notes in the system. But counterfeit notes are worthless. Failing to spot one could cost a business money and if it is accidentally passed on, potentially damage a retailer’s reputation.
What features should you check? There are steps you can take to protect yourself and your customers. Manual checks can quickly and easily be made using the security features on banknotes whenever notes are being passed in a transaction. Don’t rely on checking just one security feature, but check a few such as:
Paper banknotes
– feel of the paper and the raised print
– watermark
– holograms
– metallic thread
– motion thread on the £50 note
– see‐through window and the portrait of the Queen
– Elizabeth Tower (Big Ben) is gold on the front of the note and silver on the back
– foil patches
If you have any doubts, compare a suspect note to one that you know is genuine.
Training materials
The Bank of England provides a range of free of charge training materials; including a booklet, posters, Banknote app, e‐learning training course and deterrent stickers. The Bank has also produced short films:
– Counterfeit prevention ‐ advice for retailers and businesses
https://www.youtube.com/watch?v=uBNdnj1i40Y
– The New Fiver – key security features
https://www.youtube.com/watch?v=1kOF6p21BzE
– How to check Bank of England banknotes are genuine
https://www.youtube.com/watch?v=IUYJm02qS9k
Once a counterfeit note is suspected or discovered it is your responsibility to notify the police. This is because it is a criminal offence to knowingly hold or pass on a note that you know or suspect to be counterfeit (the Forgery & Counterfeiting Act 1981 is the relevant legislation).
