With over 430,000 counterfeit banknotes removed from circulation by the Bank of England in 2014, which carried a face value of £8.1m, 2016 will see the introduction of a new polymer £5 and £10 banknotes in the UK.
Made from a thin, flexible polypropylene film coated with a special ink layer, the new notes will be more durable – lasting up to 2.5 times longer than the current notes – and more secure, according to the Bank. By allowing clear sections to be included in the design, the notes will be harder for counterfeiters to forge and easier for retailers to identify. However, although the new material will help to reduce banknote fraud, retailers will need to upgrade their currency authentication devices to detect counterfeit or suspect notes.
Ahead of the introduction, Secure Retail has partnered with Innovia, the official supplier of the polymer material used for the UK’s new banknotes, to launch two solutions designed to help retailers identify suspicious notes at the earliest transaction point and foster consumer confidence.
The Verus banknote readers from Innovia Systems enable retailers to check the authenticity of the new notes by identifying the unique physical and optical characteristics of the polymer film.
Available in a compact desktop unit, the Verus D is compatible with traditional point of sale systems, fitting neatly into the till area. By scanning a note in the reader, cashiers and store staff can recognise suspect notes and remove the threat of counterfeits at the first point of passing. The Verus H is a small handheld device, which offers retailers with mobile point of sale operations greater ability to detect fake notes without the need for a fixed till point.
David Russell, Sales Director at Secure Retail, said: “We are delighted to be an official partner of Innovia Systems and to be able to offer a solution that enables retailers to get ahead of the curve when it comes to protecting both card and cash payments at the point of sale. Not only will the banknote readers help to reduce the risk of fraudulent notes, they also serve to boost customer confidence at the point of interaction, as they can see their plastic note is being verified.”
And Terry Webb, Sales Director at Innovia Systems, added: “As the official manufacturers of the unique polypropylene material which will be used for the new UK banknotes, our intricate understanding of the technology developed by Innovia for manufacturing of the polymer means our Verus banknotes readers have an extremely high level of validation. As such, the devices are an effective solution for retailers as part of a broader security strategy.”
About Innovia
Innovia Systems were among firms exhibiting at the Retail Fraud Show at the Novotel London West in London on Thursday, April 23. Innovia Systems is a division of the Innovia Group who worldwide employs some 1600 people. The Group based in Wigton, Cumbria, operates six production centres in Australia, Belgium, Mexico, United Kingdom and the USA and 15 regional sales offices.
