Author Topic: Bermuda: Fake Banknotes Being Put into Circulation  (Read 1044 times)

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Offline Bimat

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Bermuda: Fake Banknotes Being Put into Circulation
« on: September 23, 2011, 04:36:26 PM »
9/23/2011 11:06:00 AM

Police chase 'funny money' con men

James Whittaker
Senior Reporter

FRIDAY, SEPTEMBER 23: The forgers behind a batch of fake Bermudian banknotes, crudely produced on basic office equipment, have been warned they could face five years in jail.

Around $1,000 in counterfeit currency has been spent at various businesses — including a barbershop, a supermarket and a nightclub — in the past few weeks.

And in a separate scam Bermudians have been conned out of thousands of dollars in the last few months by cashing fake travellers cheques as part of a phoney ‘work from home’ bookkeeping job.

Police say the counterfeit money — mostly in $50 and $100 bills — appears to have been mass-produced using a colour photocopier/printer.

The imitation notes have been crudely cut from a sheet of paper using scissors. The serial number on the notes smudges when pressed.

Sergeant Paul Ridley, of the Financial Crime Unit, said several businesses had been hit by the scam in recent weeks.

And he urged store owners to check all currency in every transaction.

“It just takes a few seconds to hold it up to the light and you can see that these are forgeries.”

To the naked eye some of the notes look realistic.

But they lack the basic features — including the security thread — that all legal tender carries.

Inspector Grant Tomkins said it was important that businesses kept a keen eye out for fake cash because it was those that suffered the consequences.

“We want to make sure that the clubs and the stores and the various business owners are aware it is them that suffers the loss.

“The banks counting machines will spit it out. That’s when these counterfeits are being discovered — the company tries to bank the cash and it is rejected by the bank.”

Counterfeits in local currency first surfaced in Bermuda around six years ago. Previous cases, some involving schoolchildren, suggest the forgers are not sophisticated criminals.

But thousands of dollars still gets though. There was $12,000 of fake currency — 50 per cent of it local — successfully spent at businesses on the island last year.

The figure is just what was reported to police and may only be the tip of the iceberg.

Sergeant Ridley said: “They simply photocopy it on an inkjet printer and try and get them through in places where they think people won’t check closely — nightclubs or gas stations or supermarkets where people are busy and handling a lot of cash.

“We see everything from a one-dollar bill to a hundred-dollar bill.”

Inspector Tomkins added: “It does become more difficult (to check every note) in a bar at 11pm at night. It’s more difficult for those guys and girls to do their due diligence but unfortunately that is when they need to do it most.”

Source: Bermuda Sun
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Offline Bimat

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Bermuda: Fake Banknotes Being Put into Circulation
« Reply #1 on: September 23, 2011, 06:22:12 PM »
Bermuda uses hybrid banknotes. I'm sure counterfeiters are spending a lot of time and wasting energy to make it like real thing.. ::)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Coinsforever

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Re: Bermuda: Fake Banknotes Being Put into Circulation
« Reply #2 on: September 23, 2011, 11:25:58 PM »
Police say the counterfeit money — mostly in $50 and $100 bills — appears to have been mass-produced using a colour photocopier/printer.

The imitation notes have been crudely cut from a sheet of paper using scissors. The serial number on the notes smudges when pressed.

To the naked eye some of the notes look realistic.

But they lack the basic features — including the security thread — that all legal tender carries.


Crude fake notes !

However what ever fakes notes  we are finding in India are much more sophisticated.

See that cases of De La Rue.

Cheers ;D

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