Counterfeit cash improves

Catching fake money takes a sharp eye and some knowledge of bill security features, a Bank of Canada representative told Salmon Arm bankers and retailers June 16.

Senior Bank of Canada analyst Jean-Claude Loyer explained the techniques used to create fake money are increasingly devious. He said a favourite trick of the trade involves cutting a holographic strip off a $10 bill and attaching it to a bogus $100.

Loyer admitted many counterfeits now are difficult to identify, even for an experienced eye.

“At 32 years of banking experience, I am not an expert.”

But expertise is required. Even with enhanced security features in the 2001 series of Canadian bills, counterfeiting was a $3.3 million illegal industry last year.

British Columbia came in third last year with 16 per cent of counterfeit bills seized, compared to Ontario at 42 per cent and Quebec at 37 per cent.

Gale-Paule Davison, owner of Lady in the Tub, agreed there is a need for the education of retailers on how to identify counterfeit bills.

She said she hasn’t had anyone try to pass a fake at her store, but took the opportunity to talk to her employees and passed on how to identify fakes.

Davison said she received a counterfeit note years ago, and it was readily apparent.

“It didn’t feel right, it didn’t look right.”

Davison said her staff previously had no particular method of identifying fakes, just looking at the bill and going on a feeling.

Loyer said retailers frequently use flourescence to try and catch counterfeit bills by examining them under an ultraviolet light.

“We don’t really endorse it.”

He said not to depend on the flourescent markings of genuine bills, and to check two or three of the security features.

“The ones you feel at ease with. At least one or two or three security features, and then you will feel better about it.”

Loyer encouraged retailers to check bills when taking them out of the ATM as well as at the counter, and not to use ATMs other than those of their own financial institution.

He said when he takes money out of an ATM, he checks the bills on the spot in front of the camera, and shows his face just to make sure there is a record.

“Unfortunately the bills (in ATMs) cannot be verified on a daily basis. The turnaround is too fast.”

Loyer said the Birds of Canada series of bills, printed in 1986, are the most commonly counterfeited in the West, especially the $20 and $50 notes.

He said while the bird series bills are still legal tender, the Bank of Canada would like to see them out of circulation.

“Everyone has a right to accept or refuse this note.”

Loyer asked retailers to explain a bill might be a counterfeit when receiving a questionable one from a customer.

“If you don’t feel good about it, don’t accept it.”

He encouraged them to advise the customer to hand over the bill to police, and to keep in mind the person may not be aware the bill is suspicious, and could be an innocent victim.

Loyer later commented counterfeiting operations are mostly a product of organized crime.

He said in 2011, the Bank of Canada will review the security features of the Canadian Journey series of bills that were first printed in 2001, and see which bills need to be improved.