Monday, January 31, 2011

How to Detect Counterfeit Money

When a country is experiencing a financial crisis it often results in several increases in other areas such as prices, health issues, unemployment, crime and more. Many criminals think of new ways to catch unsuspecting victims using scams, devices or fake items such as money to make a quick buck. One item that is duplicated as a fake is money. Several people make fake bills and pass them around as real money including banks.

A man withdrew some money from his credit union to pay his roommate his portion of the rent. The roommate deposited the hundred dollars bills at Chase bank. Chase later discovered that one of the hundreds was actually a $5 altered to look like a $100. Chase deducted $100 from the roommate's bank account. When he complained, Chase pretended as though they knew nothing about it and hadn’t put the hundred dollar bill in the drawer and felt that it wasn't their responsibility. After a consumer reporter began asking questions to Chase bank representatives, they credited the roommate back the $100.

By Chase passing the fake hundred dollar bill back to the customer it was conducting a fraudulent transaction. Chase originally had the fake dollar bill in its possession and should have noticed the error sooner. Here are some tips to help you spot counterfeit money.

1. Hold the bill up to bright lighting. You should see a hologram on the face-up side of the bill. Both of the images should match perfectly. You should also notice a vertical strip that spells out the currency’s denomination ($1, $5, $10, etc.).
2. Look for changes in color. Take a $5 bill and move it back and forth while tilting it. Look for a number in the lower right hand corner. The number’s color should shift from green to black and back to green again, if not, it is a counterfeit.
3. Hold the bill up to an ultraviolet light. A $5 bill glows blue, a $10 bill glows orange, a $20 bill glows green, a $50 bill glows yellow and a $100 bill glows red.
4. Check the serial numbers which should be cleanly spaced and printed in the same color ink as the Treasury seal.
5. If you think you have a fake bill in your possession get a good description of who gave it to you, when and where.
6. Write down the license number or any other identifying information about who gave you the fake bill.
7. Do not accuse the person of using counterfeit money.
8. Place the counterfeit bill in an enclosed envelope.
9. Invest in an ultraviolet light if you handle cash as part of your job or accept cash for payments for services or goods you provide.
10. Contact the local police department or Secret Service at and provide them with the fake bill.

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