Counterfeit currency can impact your bottom line and disrupt operations. Use these essential tips from the Reserve Bank of Australia to ensure your staff can identify genuine banknotes with confidence.
This is on my mind today because of reports of fake $50s in circulation again.
Know the Features
Australian banknotes are printed on polymer, which has a distinct feel. It should be difficult to tear and should spring back when scrunched.
- Check the Windows: Ensure the clear window is an integral part of the banknote and not an addition.
- Observe the Tilt: On the NGB (Next Generation Banknote) series, tilt the note to see the rolling colour effect and the moving features in the top and bottom windows.
- Look for the Coat of Arms: Hold the banknote to the light to see the Australian Coat of Arms and the seven-pointed star.
If you encounter a suspect banknote, follow these three steps:
- Store It: Handle the note as little as possible. Place it in a clean envelope.
- Note It: Record how the note came into your possession, including a description of the person and any vehicle used.
- Report It: Contact your local police immediately.
Your Rights as a Retailer
You are within your rights to refuse any banknote if you suspect it is counterfeit. Always prioritise the safety of your staff and customers; never engage in a physical dispute over a suspect note.
By staying vigilant, you protect your business and the integrity of Australia’s currency. For more detailed security features, visit the RBA Banknotes website.
Share this information with everyone in your business.