Stay Alert: Counterfeit Cash Circulating in Local Businesses

As fraudsters become more sophisticated, electronic payment methods can prove to be a more secure and a reliable way to receive payment for goods and services.

How to Protect Your Business and your staff

If your business still accepts cash transactions, it’s crucial to check banknotes for authenticity before accepting them. The Reserve Bank of Australia (RBA) outlines key security features to help identify counterfeit money:

Look – Check for clear print quality, a top-to-bottom window, and visible security details.

Feel – Genuine polymer banknotes have a distinctive texture with raised print.

Tilt – Moving the note under light should reveal colour-shifting features and holograms.

For a detailed guide, visit: RBA Banknote Security Features.
https://banknotes.rba.gov.au/banknote-features/check-for-a-counterfeit/#-new-five

Raising Awareness at the Point of Sale

To avoid awkward situations when checking cash, consider placing a small sign near the register to inform customers that your business follows standard banknote security procedures. Phrasing such as "For security, all cash transactions are checked in line with RBA guidelines" can help raise awareness while maintaining positive customer interactions.

Consider the Reliability of Electronic Payments

While cash remains a method for some businesses, electronic payments offer:

Increased security – No risk of counterfeit money.

Faster transactions – Reducing time spent handling and reconciling cash.

Greater convenience – Customers prefer tap-and-go options.

Improved tracking – Digital records make accounting easier and more transparent.

What to Do If You Suspect a Counterfeit?

• Refuse the note if it appears suspicious.
• Report counterfeit money to your local bank or authorities.

Document details about the person presenting the note, if safe to do so.

By staying vigilant and embracing secure payment methods, businesses can protect themselves from financial losses and fraud. It’s important to keep your team informed, especially younger members, and by taking proactive steps, you can protect your business while ensuring smooth and secure payment transactions for everyone.

For more information contact a Forsyths team member.