Counterfeit money

While counterfeit currency is not as prevalent as it once was, it can still be a cause of lost revenue for departments, especially during the holiday season. Banking & Accounting Operations is committed to assisting departments to avoid this loss through education. Below are the two main topics covered on this webpage:

–      Identifying Counterfeit Currency

–      Handling Counterfeit money

Identifying Counterfeit money

There are three main methods for identifying counterfeit money:

1.  Feel the paper

The US currency has a unique feel such as being slightly rough and not too slick or smooth

2.  Tilt the note

Tilt the note for color-shifting ink of the amount from copper to green for denominations $10 or higher

$100 bills has additional features such as 3-D Security Ribbon and the Bell in the Inkwell change from copper to green

3.  Checkwith light

Check with light for the watermarks and security threads

*Additional method can be utilizing the Money Marker. These markers change from a light to dark color when marked on counterfeit money. The Money Marker can be obtain from any office supply store.

Handling Counterfeit Currency

As a merchant of University of Washington, below are three examples of how to properly handle counterfeit money:

• Recognized at Point-Of-Sale (POS) Transaction
  • Avoid accepting the counterfeit currency
  • Provide an explanation of how the counterfeit was identified in a professional manner. Do not accuse as often people may not be aware of the counterfeit
• Accepted at POS and Recognized at Reconciliation
  • Do not recirculate the counterfeit currency
  • Take the bill to the bank for reporting or follow the instructions on US Currency Education Program website, click here.
    • NOTE: The bank will not credit or exchange counterfeit bills
  • Subtract the amount from the daily sales
  • Contact local police if suspected fraud ring
• Discovered at Bank
  • The bank will debit the counterfeit currency from the deposit
  • If made in person, bank will request for the depositor to initial the correction
  • Banks are required to keep the counterfeit currency

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