A leading security company has urged businesses handling foreign currency to be on the look out for counterfeit notes on the market.
Safeguard Engineering manager, Mr Patrick Mallon, said individuals and companies dealing in foreign currency needed to buy portable fake money detectors because a lot of counterfeit money was in circulation.
With the licensing of some shops to trade in foreign currency, a number of people now handle foreign currency. However, many people are not aware of the security features on foreign notes.
Mr Mallon said the most counterfeited notes were the US$5, US$20 and US$100, which were finding their way into supermarkets.
Mr Mallon said a fake money detector was the most effective way to check the authenticity of currency notes.
He said the portable detector had two features to show if a note was fake — an ultra violet light that shows up hidden fluorescent security features and a magnetism detector that detects the magnetic ink used on United States dollars, the euro and the British pound.
“The money detector is also capable of checking the authenticity of any currency even the local currency unit. Fuel coupons and both bank and personal cheques can be checked with the detector.
“The device’s portability allows for it to be carried around almost everywhere and can easily fit in a bag or pocket,” said Mr Mallon.
Although it is a requirement of the central bank that shops selling in foreign currency have note detector machines, some have yet to acquire them while in the streets, where most of the foreign currency is traded, such equipment is non-existent. Many counterfeits in circulation are meticulously done and need more than mere eye inspection to pick out.
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