How to spot counterfeit money | personal financing

Criticism wasn’t as popular as it used to be, but that didn’t stop counterfeiters from working. The 2020 survey was cited in a recent report Federal Reserve report It showed that US consumers used cash in only 19% of their transactions. It is difficult to find actual statistics that show how much counterfeit money is. Often, the figure circulating around the Internet is $70 million, but this is based on a 2006 report from the US Treasury.

However, it is common to hear local news stories about counterfeit money. for example, Earlier this yeara Home Depot worker was arrested for stealing $387,500 from the company over four years — by taking real money and wired it with fake invoices.

If you want to learn more about how to spot fake money, here’s a look at how you should look at your money.

Evaluate the feel of the paper

Features to watch out for:

  • texture.
  • Fragility must be there.
  • Slightly high ink.

This observation is based on gut instinct.
“Most fraud is identified by the texture of the paper,” says L. Burke Files, president of Financial Examinations and Evaluations, a firm that conducts investigations, risk management, and other types of consulting in Tempe, Arizona.

In general, counterfeit money “doesn’t have the feel of crisp money and the high feel of black ink on the front of the papers,” he says.

The Files website, which has been a financial investigator for 30 years, says counterfeit money is a problem in all countries and all over the world. He also says that unfortunately very few business owners accept – and pass on – fake dollars knowing they are fake. Oftentimes, when a business owner or consumer funnels counterfeit money to the authorities, they are not reimbursed for that bill.

“As someone told me, it only gets bad when someone fails to take it,” Files says. Another suggestion when you feel the feel of the banknote – try to see if the ink is high.

“The original coin has a little high ink. So, you should be able to feel the texture of the ink,” says Rita Mkrtchyan, a financial and litigation defense attorney at Oak View Law Group, which has offices in Florida and California. She has advised numerous clients, often start-ups in the service industry, on how to avoid losses, including how to spot counterfeit US money.

Check for color changing ink

Features to watch out for:

  • Color changing ink.
  • Study the right-hand corner of the bill.
  • Works with $10 and up bills.

The color of the paper money you keep should change.
Says Austin Fine, owner of Perfect Steel Solutions, a roofing contractor in Fort Wayne, Indiana. Fain says most of the company’s transactions are in cash, and since these cash transactions are often a large amount, he and his employees have become amateur monetary experts.

“For all bills, except for the new $5 bill, you can tilt it back and forth and if the number in the lower right corner doesn’t turn from green to black or from gold to green, it’s more likely,” says Fine.

Study the watermark

Features to watch out for:

  • Watermark.
  • Check the right side of the bill.
  • Make sure your lighting is good.

“The watermark is the hallmark of an original invoice,” says Fine. “On some papers it is an exact copy of the face on the bill and in others it can be just an oval spot. The watermarks should be visible on the right side of the paper if you lift the paper in front of the light. Make sure that if the watermark is an exact copy From the face, they match the face perfectly.”
Fain adds that if you are holding the note towards the light and there is no watermark or if you can see the watermark even without lifting it towards the light, it is possible that the banknote you are holding is a fake.

Search for Raid Printing

Features to watch out for:

  • raised print.
  • Double-check the watermark and color-changing ink.

“One of the most difficult aspects of reproducing counterfeit original banknotes is the high print,” says Fine. “To discover this, all you have to do is slowly and carefully run your nail down the tone. You will feel resistance from the tone and some vibration on your nail from the raised edges of the print.”
If you don’t feel the vibration or resistance, this is where Fain suggests double-checking that watermark and looking for color-changing ink.

Check the serial number

Features to watch out for:

  • Serial Number.
  • Compare serial numbers if you have more than one suspected counterfeit invoice.

You may have heard it before, but what are you looking for? Fake invoices may contain serial numbers that are not evenly spaced or completely unbalanced in a row, Mkrtchyan says.
“Also, if you receive multiple suspicious invoices, note if the serial numbers are the same on both invoices. Obviously if they are the same, they are fake,” says Mkrtchyan.

Look for the fibers

Features to watch out for:

  • Look for red fibers.
  • Look for the blue fibers.
  • Pay attention to make sure it is really fiber.

We think of paper money as paper, but it’s actually made of cotton and linen – this allows the United States Treasury to do some pretty cool things with “paper” money.
“All US banknotes have small red and blue fibers embedded in the paper,” says Mkrtchyan. “The red and blue stripes should not be printed or drawn on, as is common on counterfeit coins, but rather should be part of the paper itself.”

Look for the plastic strip on the bill

Features to watch out for:

  • A plastic strip runs from the top of the bill to the bottom.
  • Look for “USA” on the invoice.
  • This only works for $5 bills and up.

There are so many things that go into making money that we probably all take for granted. Mkrtchyan suggests looking for the plastic strip that runs from the top of the bill to the bottom.
The print will say ‘USA’ followed by the denomination of the banknote, which is spelled out as $5, $10, and $20 denominations, but is shown in numbers on the $50 and $100 denominations.

$1 and $2 do not contain these plastic strips. There is clearly no counterfeit issue with those bills.

“These strings are placed in different places of each denomination to prevent the lower denomination banknotes from being bleached and reprinting as higher denominations. Therefore, you must compare the same denomination banknotes to discover the same strip location,” says Mkrtchyan.

Looking for a mini print?

Features to watch out for:

  • You are looking for a fine print, hidden on the invoice.
  • Microprint are often phrases related to the United States.

You will need to use a magnifying glass to look for the microprint. The files suggest looking at Benjamin Franklin’s collar on the $100 bill. If you have a $50 bill, look at Grant’s collar. See below for the treasurer’s signature on the $20 note, and on the $5 bill, Files suggests looking at an eagle shield. In these places, you’ll find phrases such as “USA,” “USA,” or “E. will keep your eyes peeled.”
It is no secret that these words appear on banknotes, but the miniature print is difficult for counterfeiters to repeat.

Do you need special tools to detect counterfeit money?

It doesn’t hurt to use special tools to detect counterfeit money, but as I’ve read, you don’t need them.

There is an AccuBANKER Cash + Card Counterfeit Detector, currently $64.99 on Amazon. It provides features to help employees determine if they are looking for real cash or counterfeit money, as well as a real or counterfeit credit card, according to the product description. It has LED lights and a built-in ruler to check bill dimensions, among other features.

There are a lot of other counterfeit bill detectors where you put money in the machine, and it will determine if it is fake or not. Prices vary greatly. You can find them for under $100, but there are many options that cost a lot.

There are also counterfeit pens, often in a pack of 5 for $10, that claim to find fake bills. In theory, if you write on money, you’ll see gold ink if the banknote is good and black ink if it’s bad. You’ll find mixed reviews on products like this, as these pens don’t seem to do well if you encounter a sophisticated and elaborate counterfeit bill.

You can also find UV flashlights on Amazon and at home improvement and hardware stores, among other places.

“Put a bill on a white piece of bond paper and light both with a UV lamp,” Files says. The paper will light up beautifully and brightly, but the original coin will not. Also, the label threads will glow a different color for each category, except for $1. Blue for $5, orange for $10, green for $20, yellow for $50, and red for $100.”

What should you do if you suspect that you have a fake invoice?

The US Treasury has some suggestions on its website, as do credit unions and banks. Some of the tips you’ll find include:

  • Don’t say anything that will put you in danger. For example, yelling at the person who handed you the bill wouldn’t be smart if that person was prone to violence. Furthermore, what if you are wrong about the person who gave you the fake cash? This may be a consumer who is completely innocent and unsuspecting and does not know that the bill is fake.
  • Do not return the bill to passers-by. You’ll want to stick to this law, and as soon as possible, call the police.
  • without mental notes. The Treasury suggests, if you can do so safely, “watch the descriptions of passersby—and those of their companions—and write down their license plate numbers if you can.” The police will likely want to speak to this person.
  • Contact the authorities. Either call the police, the Treasury suggests, or the US Secret Service field office. You can also go to Secret Service website Fill out a form to report counterfeit money.
  • Don’t touch the money too much. Put it in a plastic bag or envelope for authorities to collect later. This is a clue, after all, and in the unlikely event you detect fingerprints, you don’t want to clutter things with your own fingerprints or damage the bill in some way. Also, the last thing you want is to mistakenly mix fake money with your real money. Separating them in a bag should prevent this from happening.