Anyone could get reported to the authorities if they're caught using fake money, according to exchange outlets .
UAE residents have been advised to be wary of fake money that is
still making rounds and finding their way into the till. According to
exchange houses in the UAE, they have intercepted fake US dollars,
euros, Great British pounds and Indian rupees during money transfer or
exchange transactions.
It appears that the problem is growing,
with more than $147 million worth of fake US dollar bills still
circulating around the world in 2015 alone, according to the United
States Secret Service.
Although money transfer operators have
stepped up their drive against counterfeits, consumers would do well to
do their share in exercising vigilance. This is because even if they
have no intention to use counterfeit, they could still be reported to
the authorities if they accidentally use one at the cashier.
“As
per regulation, we are required to report to the police if the banknote
is a confirmed fake. The police will then begin their investigation with
the customer directly and will follow their proceedings based on the
information collected,” says Rajiv Raipancholia of the Foreign Exchange
and Remittance Group (FERG), an organisation of money transfer outlets
in the UAE.
The FERG secretary and CEO of Orient Exchange says
there are many ways to spot fake currencies and one of them is to invest
in a detection device. These gadgets can range from an easy-to-use pen
that doesn’t cost a lot of money to a more sophisticated machine that is
equipped with ultraviolet (UV), magnetic, watermark and micro-print
detectors. Small or pocket-size devices are more practical for everyday
use, or those who don’t deal with loads of cash.
“There are many suppliers for such [devices] in the UAE,” Raipancholia says.
“[There
are] different types of currency detectors [that] can be used depending
on the requirement of the companies and the individuals. The most
common are machines that detect through various security features such
as watermark and ultraviolet detection.”
“It all depends on the
amount of bank notes counting that you do within your
store/organisation. People that have high volume of banknotes to be
counted need to go for more sophisticated machines that include magnetic
and microprint detectors.”
If you’re really not up to buying a
fake money detector, the most you can do is scrutinize every paper that
goes into your wallet, especially when you're dealing with huge amounts.
Just remember to always “feel, look, check and tilt” every banknote.
“Feel
the quality of the banknote, counterfeit bank note will always be
slightly thicker than the real bank note,” says Raipancholia.
“The
counterfeit bank note will feel like a photocopied paper. For a genuine
bank note you need to feel the smooth and embossed texture of the note
due to intaglio printing.”
When examining the bill, pay attention
to the design. If it is fake, you should notice that the portrait on it
is looking “dull or blurred”. “The portrait and other design are well
defined in a genuine bill and appear to be sharp,” he adds.
Another
detail to watch out for is watermark, a security feature that
distinguishes a fake bill from a real one. “The bank note needs to be
held up to a light to check for watermark. The bank note whether genuine
or counterfeit can be determined depending on whether the watermark
bears exactly the same image of the person whose portrait is on the
bill,” says Raipancholia.
“[Also] tilt the banknote to view the color shifting security feature that is seen on certain banknotes.”
For
those who are using a detector, one of the things to watch out for is
the security thread, which runs from the top to the bottom of the note
and it’s either embedded or threaded through the paper.
“You will
have to hold the bank note up in light to see the strip and printing on
it.
An ultraviolet light will be required to look at the certain
embedded security thread.”
Source:Gulf News
