We deal with cash almost every single day, either in direct buying or cash on delivery. However, have you ever stop to wonder if the cash in your hands is real or it might be fake? Counterfeit money exists, after all. Do you know that the UK pounds is one of the most commonly counterfeited money in the world? It has been recorded that 1 in 30 pounds were forged in 2015. It increased in 2019 where 427,000 counterfeit notes were taken out of circulation. The Bank of England stated that its face value is £9.8 million ($12.6m). 

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So, what should you do if you suspect your notes are fake? Worry not, let’s take a look at this guide.

Don’t Panic, That’s the Important Part

The most important thing is that you should not panic because it could just be a misunderstanding or you might have overlooked something. Confirm if the money is really fake by checking all of these characteristics:

 

  1. Color-shifting ink
  2. Watermark
  3. Blurry borders, printing or text
  4. Raised printing
  5. Security thread with microprinting
  6. Ultraviolet glow
  7. Red and blue threads
  8. Serial numbers

I Checked, And It’s Counterfeit Notes!

Don’t worry, that’s still fine. First things first, minimise handling the notes with your bare hands. Bank Negara suggested using plastic cover or an envelope. Also, make sure not to write on, cut or refuse them. This is important  as your handprints on the notes might hinder the police’s investigation, so do your best not to leave any handprints. Then, seal the notes to a police station and lodge a report. It is also advised that you can give them the detailed description of the person you just got the counterfeit notes from. Try to remember their clothes, vehicle’s plate number or if they have any companions with them. This information might help with the investigation and don’t worry, you are not in trouble.

It’s Important to Always Check Your Money

Even if you are in a rush, make it a habit to always check the notes you are given as balance to your purchase. This is important because counterfeit money has no value and thus, cannot be exchanged with a replacement. It’s fine if the amount is small, but imagine the sorrow and regret you would be feeling if the amount is huge. Better safe than sorry, they say. 

Final Words

All in all, it is important for us to be aware of the money we have with us to ensure that we do not receive any counterfeit note. It’s super important because we will not receive any replacement for the counterfeit notes we have. I hope this has been informative and helpful to you in knowing all about fake money, or also known as counterfeit notes. It is important for us to know more about money and currencies. In relation to that, why not learn more about forex trading? There’s nothing for you to lose, after all. Check out this forex broker malaysia to know more about foreign currencies and trading.

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