Counterfeit Prevention – Lender of Canada

Learn why it’s important to verify your bank notes, how to report suspected counterfeits, and what the Bank of Canada is doing to battle counterfeiting.

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It Pays to Examine

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Examining financial institution notes safeguards everyone, so do not be offended if a cashier diligently examines your expenditures. Routinely examining the security options of all notes – significant and small – will allow cashiers to intercept counterfeits and maintain them out of the until and out of your change.

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Protection functions are valuable only if you use them. To combat counterfeiting, the Financial institution features free education components to assistance the community, businesses, and law enforcement agencies use the stability characteristics in genuine bank notes. If you know your notes, you’ll be in a position to detect a counterfeit at a look and safeguard by yourself from fraud.

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The affect of counterfeiting on Canadians

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Any specific who, knowingly or not, accepts a counterfeit bears the reduction. In other words and phrases, there is no reimbursement. It’s the exact in any place.  In Canada, it is a prison offence to knowingly use or maintain counterfeit cash.

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Economic decline

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The economical reduction from a counterfeit be aware can be significant for people today and corporations alike. No matter if it’s a compact or big business enterprise, the reduction incurred from accepting a solitary counterfeit $100 take note can affect a day’s earnings or guide to elevated selling prices that are ultimately borne by the shopper.

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Public confidence

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Counterfeiting not only will cause a economical reduction to whoever gets trapped with it, it can also critically undermine general public self esteem in our currency. Self confidence is necessary since after shed, it is tough to regain.

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In latest several years, Canadians’ self esteem in their financial institution notes has remained steady, and the selection of counterfeits in circulation remained reduced.

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Working with Suspicious Funds

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For the duration of a transaction

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If you suspect that you’re being made available a counterfeit notice, evaluate the circumstance to make certain that you are not at danger. Then, do the subsequent:

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  • Politely refuse the be aware and reveal that you suspect that it could be counterfeit.
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  • Question for another note (and look at it way too).
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  • Suggest the person to check out the notice with the community police.
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  • Inform your community police of a possible attempt to go suspected counterfeit revenue.
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  • Be courteous. Don’t forget that the person in possession of the bill could be an innocent victim who does not notice that the take note is suspicious.
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Soon after a transaction

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If you suspect that you have gained a counterfeit take note, give it to the regional police.

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  • If it’s actual, you’ll get it back again.
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  • Either way, the law enforcement ought to be educated of attainable counterfeiting exercise in your local community. Well timed reporting aids law enforcement and prosecutors provide counterfeiters to justice.
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How the Bank of Canada Fights Counterfeiting

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The Lender will take counterfeiting very seriously and is effective with law enforcement and prosecutors to keep track of and react to counterfeiting threats and to lessen their impact on Canadians. We are focused on:

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  • Security—by issuing lender notes with leading-edge security capabilities to help stay in advance of counterfeiting.
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  • Education—conducting outreach and educating the general public, enterprises and the law enforcement how to detect counterfeit notes.
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  • Quality—from printing new notes to monitoring those people that are currently in circulation, we be certain that worn notes are replaced successfully and that notes taken care of in working day-to-working day transactions are of great high-quality which can make them effortless to validate and use.
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Accomplishing persistently low stages of counterfeiting is critical to maintaining self esteem in financial institution notes.

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Bank be aware security functions

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U.S. financial institution notes

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Find out how to examine them and entry coaching and instructional supplies. All suspect counterfeit U.S. notes have to be turned in excess of to area police.

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Counterfeiting studies

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The RCMP publishes yearly statistics on financial institution be aware counterfeiting in Canada.