Don't let counterfeiters spoil your summer fun

Canadians like using cash. It's a fast and convenient means of payment. Each year, demand for bank notes increases by more than four per cent. In 2005, there were some 1.3 billion notes in circulation worth more than $44 billion. That's about 45 bank notes for every person in Canada. During the busy summer holiday season, cash handlers, consumers, and tourists exchange increasing amounts of cash. With this increased volume of cash transactions there is a greater risk of inadvertently getting stuck with a counterfeit bill. Since 2001, the Bank of Canada has been issuing a new series of notes the Canadian Journey series with enhanced security features that are easy to use but more difficult for counterfeiters to copy. However, the Bank cannot fight counterfeiting alone. When consumers and retailers are aware of the security features found on Canada's paper money and regularly check for them, they can play an important role in reducing opportunities for counterfeiters to circulate bogus bills. It's quick and easy to do! Last year, counterfeiting of Canada's bank notes dropped by roughly 25 per cent. It is believed that better-informed and more vigilant consumers and cash handlers capable of identifying the security features on our new paper money contributed to this decline. To help maintain this downward trend, it is important to make it a habit of checking your bills. More than meets the eye Recognizing the difference between genuine and counterfeit money is as simple as paying attention to what's in your hands. Often, how the note feels is the first indication that something might not be quite right. In addition, Canada's newest bank notes are equipped with state-of-the-art security features that are reliable, easy to check, and difficult to imitate. Checking the security features on the new notes takes only a couple of seconds. Here are a few questions to ask yourself when you receive a bill: Is the silver holographic stripe shifting through the various colours of the rainbow when it is tilted back and forth? Does each maple leaf in the holographic stripe split into two colours when tilted? Is there a watermark portrait in the centre of the note when it is held to the light? Is the see-through number to the right of the watermark portrait perfectly aligned back and front when the note is held to the light? Whether you are receiving cash from a customer or accepting change as a consumer, make it a habit to check your notes. Remember, both parties involved in a cash transaction have the right to refuse a bill if they suspect that it may be counterfeit. It's as simple as asking for another bill. Otherwise, you could be out of pocket. Knowingly passing a counterfeit note is a serious crime, punishable by a prison term of up to 14 years. If you do receive a counterfeit note, it is important to report it immediately to your local law-enforcement authorities. Free print, audiovisual, and/or online training material for old and new series of bank notes can be accessed from the Bank of Canada's Web site at www.bankofcanada.ca/en/banknotes/ education/index.html or by calling 1-888-513-8212.