The Federal Reserve estimates that as much as $220 million in fake money could be circulating in the United States. As a business owner, you have to realize that counterfeit bills can cut into your bottom line. To combat this type of fraud, business owners have to be preventive and equip the latest in counterfeit detection technology in order.
The benefits of counterfeit detectors are well known. Not only do they help catch scammers and their counterfeit bills, it’ll also protect you from declaring real bills as fakes. While all businesses that deal with large amounts of currency could benefit from a counterfeit detector, we’ll highlight 3 types of businesses where it’s imperative to employ some sort of counterfeit detection technology.
In a perfect world, people would get together at a club Friday night, pay with their hard-earned cash, and let loose the stress and frustration of the week.
But in reality, popular bars and nightclubs are hubs for counterfeit money. Especially here in Miami, where AccuBANKER is headquartered, the allure of the high-end clubs such as LIV and Story means people may feel pressured to impress and show out. And that pressure can lead to bad decisions, such as paying for entry or drinks with counterfeit money just to appear wealthier.
It’s not just bills eithers. IDs and passports are frequently faked to gain access to a particular club. Our D490 Bill and Card Counterfeit Detector verifies currency and legal documents simultaneously for increased efficiency. If you’re a club owner, make sure to get a counterfeit detector that handles both fast because you don’t want to lose potential guests due to long lines and long wait times.
With Black Friday coming up in a couple of months, it is crucial retailers understand how damaging counterfeit bills can be to their bottom line profit margins. While we’ve seen many retail stores employ counterfeit pens as their anti-counterfeit tool, we’ve already glossed over why counterfeit pens are not the most reliable tools.
Even though we, as a consumer culture, have largely shifted from cash-oriented currency to card-oriented, there are still people who feel more comfortable paying with bills. In turn, scammers will take advantage, specifically during high-volume times such as Black Friday and Christmas, in hopes that cashiers are too buried with traffic to check diligently.
Most large retail stores don’t have the luxury of having the space to position a bill counter with counterfeit detection (or a large counterfeit detector) in their main space. If you’re a retailer and are looking for an affordable counterfeit detector that is lightweight and compact, our LED430 Compact UV Counterfeit Detector is a worthy choice.
You would think that the last place in the world to receive a counterfeit bill is a bank, but even banks can be vulnerable to counterfeiting. To make matters worse for the consumer, if they were to receive a counterfeit bill from a bank, the onus falls squarely on the consumer and the bank is not required to repay the bill.
As a bank operator, the last thing you want is for your clients to feel like they’re being defrauded at a place they place a lot of their trust (and money) in. Especially if your policy dictates that the responsibility is on them for something that was out of their control. So the best practice is prevention.
For banks, we’d recommend the LED440 Infrared Counterfeit Detector. With 5 five integrated detection methods: Infrared, ultraviolet, magnetic, watermark and size, the LED440 offers a comprehensive and all-inclusive check for fraudulent bills and documents.
Always Focus On The Bottom Line
And the bottom line isn’t just loss of money, but in some industries, a loss of time and potential damaged customer relationships as well. Make sure your protecting your profits and your reputation all the same.