Police: Counterfeiting down but pay attention to details on cash

$100 and $50 polymer bills. -
$100 and $50 polymer bills. -

While the counterfeiting of local currency appears to be on the decline, Insp Damian Thomas of the Fraud Squad is still urging the public to pay close attention to the details of the cash they carry and use during daily transactions.

Thomas made the suggestion during the weekly police media briefing at the Police Administration Building, Sackville Street, Port of Spain, on Thursday and said basic knowledge of the appearance and details of how certain bills looked could help identify fake notes.

Referring to the transition of local currency from cotton bills to polymer notes in late 2019, Thomas said the shift introduced additional security features to safeguard against fraudsters which could be attributed to the reduction in counterfeiting, but he still stressed the need to take a close look at the type of bills they were being given as change or for payments.

"The first thing you should do when you get a note is feel it.

"Polymer is a smoother texture than the cotton notes we had before.

"The birds is another detail you should be on the lookout for.

"There is a bird for each one of the notes, so you can't get a $100 bill with a Cocrico for example but if we don't pay attention to this certainly we will be at a disadvantage."

Thomas also suggested that larger businesses invest in additional technology such as ultraviolet light which would help identify certain markers of counterfeit bills.

He encouraged anyone who received counterfeit currency to hand it in to their closest police station or bank where they may be refunded a legitimate bill.

Thomas said there was no information to suggest that Central Bank employees were complicit in counterfeiting in the past, noting that the Fraud Squad worked closely with that institution, the Bankers Association of TT and other bodies to curb counterfeiting.

On the issue of buying and selling foreign currency, Thomas also advised the public to visit financial institutions if they were in need of cash.

Referring to the Exchange Control legislation which restricted the sale of international currency outside authorised dealers which includes all banks and certain credit unions.

He said going to legitimate dealers for foreign currency would significantly reduce the chance of customers being defrauded.

"What we find happening is a customer will come to the Fraud Squad office and say they entrusted TT $100,000 to a gentleman with the intention of exchange for the equivalent amount of US currency and he's a no show.

"We know we are approaching the end of the academic year and people may want to travel, so this is timing is perfect for this message, when you are looking for US currency, please go to a legitimate financial institution.

"Yes the counter-argument that you may not get enough but you don't want to break the law to get this US currency to travel."

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"Police: Counterfeiting down but pay attention to details on cash"

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