Retailers and businesses will be much busier than normal over the Christmas and New Year period and often employ temporary staff, so there is an increased risk of counterfeit banknotes being passed.
To help protect your business, the Bank of England is encouraging all retailers to ensure all banknotes being passed in transactions are checked and to ensure all staff know what to do if they suspect a banknote is counterfeit.
What features should I check?
The Bank of England provides a range of free of charge training materials; including a booklet, posters, Banknote app, online training course and deterrent stickers. The Bank has also produced two short films which can be watched below and gives advice on how to check banknotes and counterfeit prevention.
What should I do if I think I have a counterfeit note?
If you suspect that you have a counterfeit banknote, please take it to your nearest police station. The police should fill out an NCO-1 form and provide you with a receipt and incident number. The suspect notes will be sent to the National Crime Agency and if counterfeit to the Bank of England for further examination.
If you have information about someone making, selling or using counterfeit banknotes, please contact the police or phone Crimestoppers anonymously on 0800 555 111.
The Bank of England recommends that you have a company policy and make staff aware of what is expected of them.
The new £20 note is coming in February
Earlier this year the Bank of England announced that the new polymer £20 would enter circulation on 20 February 2020.
For advice on how to prepare for the new banknote click here
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