2018-05-07 10:03:53Business LawEnglishLearn about the new security features on the polymer bank notes issued by the Bank of Canada, and how you can use a tool the bank produces...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Accountant-trains-employee-on-counterfeit-bank-notes.jpghttps://quickbooks.intuit.com/ca/resources/business-law/small-business-counterfeit-bank-notes/Small Business Tip: Use This Tool to Help Train Employees About Counterfeit Bank Notes

Small Business Tip: Use This Tool to Help Train Employees About Counterfeit Bank Notes

1 min read

Accepting counterfeit notes can be costly to your business. Avoid losses by training your employees to spot counterfeit notes using the Feel, Look, Flip tool. The latest series notes have new security features that make them harder to copy, and Bank of Canada developed the "Feel, Look, Flip" training program to help employees look for the new security features of genuine notes and spot counterfeits. The Royal Bank does not compensate you for counterfeit notes, so it’s important to get your employees up to speed by associating each feature with one of the Feel, Look, Flip commands:

FEEL

  • The new notes are made of polymer instead of paper and have a smooth, almost plastic feel to them.
  • They have raised print above the shoulders of the large portrait, the large number, and the words “Bank of Canada” and “Banque du Canada.”

LOOK

  • The large transparent window contains a metallic building that changes colour when you tilt the note and a metallic copy of the portrait.
  • Small numbers that match the denomination of the note appear in and around the window, sometimes in reverse.
  • Maple leaves surround and cross into the window.
  • The word "Canada" is transparent and slightly raised.
  • The frosted maple leaf window has a transparent border and a ring of numbers that match the denomination.

FLIP

  • Turn the note over. The metallic building and image appear as they do on the other side.

Older paper notes have different security features such as raised and colour-shifting ink, a magnetic strip, ghost image, and puzzle number that matches the denomination and becomes visible when held to the light.

Train your employees to look at all notes as they receive them. If a customer hands them a note you suspect is counterfeit, take these steps:

  1. Assess the situation to ensure your safety.
  2. Explain your suspicions to the customer and ask for a different note.
  3. Suggest they have police examine the note.
  4. Contact the police to advise them of an attempt to use counterfeit notes.

If you come across a counterfeit after the transaction is over, take it to the police for examination. They’ll return it if it’s real. If you need more training materials, just ask the Bank of Canada to give you its free materials.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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