Cummins Allison improving efficiency by preventing counterfeit use

2014-08-22

Reading time 1:37 min

(US).- Cummins Allison explained that advances in low-cost digital printing have made it easier than ever for “ordinary” individuals to produce high-quality counterfeit bills. The firm reported that in 2013, an increase of 9 percent over 2012 was registered. Even more significant was the 49 percent increase in the number of arrests made for charges of counterfeiting – alarming evidence that counterfeiting of US currency is on the rise.

In the cash-intensive gaming industry, such fraudulent activity can negatively impact a casino, which is why advanced fraud prevention measures cannot be an afterthought. Cummins Allison explains how casinos can leverage advanced fraud detection technology to protect against this risk.

Why Counterfeit Detection Matters

While many people think the world is going cashless, the reality is that 40% of transactions involve cash,[1] and the North American Industry Classification System (NAICS) has listed casinos as a “High Risk Cash Intensive Industry”² due to the vast amounts of cash in circulation.

For a counterfeiter to be successful, it only requires them to pass a fraudulent bill once, and failing to address the potential for counterfeit notes can result in a loss to the casino if the bill is unknowingly passed along to the casino’s financial institution. Inadequately addressing the risk of counterfeit bills can also deteriorate the trust of patrons and damage a property’s reputation, particularly if fraudulent bills are recirculated within the casino.

Investing in Technology to Stop Counterfeits Cold

Investing in advanced fraud detection technologies is critical to maintaining a casino’s operations. The latest currency sorters and currency and check scanners are equipped with a wide range of counterfeit detection sensors that instantly identify counterfeit bills at the source of entry. They include multiple basic and high-level options such as magnetic ink, fluorescence, ultraviolet, infrared and sensing technologies, as well as the ability to read and record serial numbers.

Tracking currency by serial number and retaining this information for future retrieval can lead to significant reductions in the number of false bills accepted, plus an increased understanding of how counterfeits are entering a casino’s system. With this additional knowledge, organizations can make adjustments to their security strategies and improve their ability to prevent counterfeit money from being accepted.

Counterfeit note detection does not have to be a disruption to operations; rather, investing in such technology is one of the easiest ways to improve efficiency. Including counterfeit note detection into all devices that accept cash is critical – the better the counterfeit detection, the better the fraud control.