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Home My WebLink AboutHuron Expositor, 2004-02-18, Page 3News Education will stop. counterfeiters, Bank of Canada analyst tells workshop By Susan Hundertmark Expositor Editor Counterfeiting works because most Canadians have never taken the time to learn how to tell the difference between a real bank note and a fake. "Most Canadians only look at the colour green and accept a bill as a $20," Manuel Parreira, senior analyst with the Bank of Canada told a dozen Seaforth business people last Thursday at a town hall workshop. The counterfeit money workshop was one of 11 presentations made throughout Huron County last week in response to an increase in the number of counterfeit bills being found in Huron during January. Sr. Const. Don Shropshall said of the 248 counterfeit bills found in Huron County last year, 102 were $20 bills and 92 were $10 bills. He said that January of this year saw an increase of counterfeit bills in the Goderich, Clinton and Exeter areas. "Seaforth has been very fortunate with only seven counterfeit bills last year. But, with counterfeit bills in the rest of the county, it doesn't mean you won't see them here. They could eventually move into the area," he said. With 50 per cent of the counterfeit bills in Canada being distributed in Ontario, consumers, businesses and banks can protect themselves by knowing even two or three of the up to 15 security features on Canadian currency, said Parreira. "Education -is everything to stop counterfeiting. It's getting Canadians to accept that when they get a bill, they need to take a few seconds and touch it and look at it to see if it's counterfeit," he said. While UV lighting and magnifying glasses can help to identify the security features on currency, Parreira said your eyes and hands are the most reliable resource to identify a counterfeit bill. "UV lights and checkmates (plastic magnifying cards) can and have been tricked. Rely on your hands and eyes," he said. The easiest and most reliable security feature on bills ranging from the $20 to the $1,000 bill is the colour change patch or hologram in the left hand corner, which changes from gold to green when tilted. "No one has yet been able to duplicate the hologram. But most people only look to see the gold patch - they don't know it changes colour. Don't just look at it - tilt it," said Parreira. The hologram was only placed on currency $20 and higher because traditionally counterfeiters concentrated on passing the larger denominations. That's why many stores have posted signs that say they will not accept $100 bills. • But, Parreira encouraged business owners to take down those signs because smaller currency is now more likely to be counterfeited. "That sign is just going to lose you business," he said, adding that 52 pet; cent of the counterfeit bills in Canada last year were $10 bills. Security features on $10s and $5s include raised ink on the large numbers on the bottom right and the words Desgardin Credit Union employee note's new security features during BANK OF CANADA on the left hand side. The three maple leaves beside the large numbers are iridescent and will change from a faint image to a shiny gold colour when tilted. As well, a hidden number five or 10 will appear in the dark band at the bottom left of the bill when tilted and held at eye level. Other security features include microprinting, fine -line patterns (including concentric circles in the eyes of the portrait) and serial numbers at the back. Fluorescent lights will show red glowing fibres randomly placed on both sides of the bill and a blue glowing Coat of Arms on the portrait. Green dots also are placed randomly on both sides of the bills and can be removed if scratched. "It's not that hard to identify a counterfeit bill. It's not that hard to know the security features. You just have to know what to look for," said Parreira. Because of counterfeiting, the Bank of Canada' is coming out with a new $100 bill (to be released March 17) which has four more security features. The new $100 bill costs nine cents each to produce, compared to the 6.5 cents it takes to produce all other Canadian bills. "You pay for counterfeiting as taxpayers because it takes more money to produce more security features for the money," he said, adding that taxpayers also pay for an increased level of policing and education programs on counterfeiting. Parreira said that counterfeit bills must he caught at the point of sale because anyone found possessing a counterfeit is out the money it's supposed to be worth. If you suspect that someone buying something at your store has a counterfeit hill, stop the transaction and hold onto the bill for the police (as long as that means you are not putting yourself in danger.)`' "Ninety per cent of the people who give you counterfeit money don't know it's counterfeit. They're clueless and that's why they're mad. They've worked a hard day and they want to spend their $50 and they're angry if it's not real," he said. While the police will return money if it's discovered not to be counterfeit, counterfeit money is worthless and will not be reimbursed by Quoted '1 check every single note, even if my mother gave it to me,' -- Manuel Parreira, senior analyst with Bonk of Canada Susan Hundertmark photo Alison Connolly holds up a new $100 bill to check out the a workshop in Seaforth at town hall last Thursday. anyone. "SOL is the term they use in banking," he said. He added that along with shopkeepers, customers should be checking their money for counterfeits when they receive it as change or from banks. "I check every single note, even if my mother gave it to me," said Parreira. Brian E. Wightman Certified General Accountant 64 Main St., Seaforth (519)527-1331 Brian Wightman • Accounting & Bookkeeping • Personal & Corporate Tax • Farm, Business & Individual Tax Planning Call for a free consultation at my office, your home or business. 527-1331 THE HURON EXPOSITOR, FEBRUARY 18, 2004-3 Copies Copies Available at 11 Main St.Seaforth 527-0240 SUBSCRIBE TODAY! Call the Seaforth Huron Expositor at 527-0240 GET NEWS, SPORTS, RECREATION & ENTERTAINMENT 52 WEEKS A YEAR! A New j Inventory I. arriving weekly! ALA 'AVIN/;S FRIJC K 140111 Save BIG on... •Furniture •Towels •Bedding •Small appliances •Household items •Power tools & much more! SEE OUR NEW LARGER LOCATION Low prices. superior service & great value! 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