With the summer holiday approaching fast, many of us are getting ready to head abroad, but currency expert International Currency Exchange (ICE) is urging us to be aware of counterfeit cash scams.
ICE warns that counterfeit notes are often difficult to spot and holidaymakers should remain vigilant at all times when travelling.
ICE CEO Koko Sarkari says: "For centuries, governments and counterfeiters have been embroiled in what feels like a never ending game of cat and mouse. Luckily for us, it is becoming easier to spot a fake note due to technological advancements, you just have to know what to look for."
Top tips for spotting counterfeit currency
To test a dollar bill, fold one side of the bill before unfolding it to an angle of roughly 130?. Hover a magnet over the '1' and watch closely. If the bill moves, it's real.
When held to the light, you should be able to spot the Australian Coat of Arms towards the right hand side of the note. Darker areas of banknotes use a special raised ink and can be felt with your finger. If this area is flat, it could be a fake. Look for the round circle with the diamond-shaped pattern, then hold it up to the light. If real, the patterns will line up to form a seven-pointed star.
Check the cherry blossom – if real, this hologram will change colour and design when the note is tilted. When the banknote is viewed from a certain angle, the value of the note will appear on the bottom left of the front side, while the word "NIPPON" ("Japan" in Japanese) will show on the top right of the back side. Under ultraviolet light, if the note is real, the Governor's seal on the front side should glow orange.
By tilting a €50, €100, €200 or €500 note, you should notice the numbers changing colour from purple to olive green or brown. If it's real, that is. Check the microprint through a magnifying glass. If clear and sharp, it's good to go. Run your fingers across the note. You should be able to feel that in parts, it's slightly bumpy where the print is raised.
In the newest series of notes, there is a security thread that acts as a passive radio frequency reflector. So when the note is exposed to a specific frequency of radio waves, the note responds. All banknotes in Mexico have a watermark added to them. When you view the note through a back-light, the silhouette image should appear in an otherwise clear area of the note. Larger notes have a security bar printed on them. This thread-like structure should look perfectly complete when held up to the light.
To the right-hand side of a Canadian note, check that the large frame that houses a metallic portrait of the Queen and a building is transparent. This is a great way of finding what's fake and what's not. In the large window on the right of the note is a large building – tilt the note to see this building change colour. If it stays the same, you know you've got a fake. As well as a transparent window to the right of the note, theres a maple leaf with a transparent background located to the left-hand side of the Queen.
United Arab Emirates Dirham
Several counterfeiting measures are in place to ensure that fraudsters cannot forge the UAE Dirham – however, one way to double check is to feel the note itself. If the note is smooth all over, there's a chance it could be a fake. Under ultraviolet light, the value of the note should appear in bright red, gold and green. It's also worth checking the metallic thread that runs across the note. If this thread appears as one dark, unbroken line, then there’s a strong chance it's genuine.
- There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.