Yahoo Finance Fake money warning as police reveal telling detail on $100 note: 'Be vigilant'
Fake $100 notes have been circulating southern Tasmanian in the last few days.
Tasmania Police have issued a warning about counterfeit $100 notes that have been circulating the island recently. Authorities revealed the fake currency has invaded the southern region in the last few days.
While counterfeit cash is relatively uncommon in Australia due to the sophistication of banknote technology, it has stung Aussie businesses. Omar El Deek, who runs the Cosi Bar Ristorante in Melbourne, told Yahoo Finance he was furious when he'd been fooled twice in two weeks.
“I never thought this could happen in Australia,” he said. “My staff believes the customers were unaware they used fake notes and didn’t try to scam us, hence why I believe the notes were already in circulation. I wanted to raise awareness in the community.”
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Tasmania Police said the $100 fake notes that have been going around "don't feel real" when you touch them, referring to legitimate currency's plastic texture.
"Please be vigilant for fake notes and if you have information on who is printing or circulating them, please contact police," they said.
But there's another detail that Aussies should be aware of that will help them instantly spot counterfeit currency.
In the image shared by the police, you can see a phrase on both sides of the note that reads "This is not legal tender". On one side, there's also a message saying this currency is "for motion picture use only".
But there are other counterfeit notes roaming wallets, business tills and other places that would be much harder to work out if they're real or fake.
Advertisements have popped up on Facebook claiming these notes won’t be identified in testing or rejected by poker machines and one seller told Yahoo Finance they would even work at Coles and Woolworths.
They said a $3,000 stack of fake notes would set a person back $250.
How to spot fake currency in Australia
One of the easiest ways to determine if a note you're carrying is counterfeit is how it feels. If it's printed on paper or another type of material that isn't the polymer you're used to then it's a guaranteed fake.
"A suspect banknote may feel excessively thick or thin compared to a genuine banknote," the Reserve Bank of Australia said.
"It is difficult to start a tear along the edge of a genuine banknote. You can also try scrunching the banknote in your hand – a genuine banknote should spring back."
But Australian currency also has a variety of security features that you can check against.
Clear window: This area of the note has different designs depending on the value. Check that the white ink can't easily be wiped off with your finger for older notes. Newer notes will have a clear window that runs from the top to the bottom and will have various holograms that move printed in the section.
Look for the star: There are diamond-shaped patterns printed inside a circle on both sides of an Aussie banknote. If you hold the banknote up to the light, the patterns should line up perfectly to form a seven-pointed star.
Coat of Arms: There's also a Coat of Arms that's hidden on the note to the naked eye, but if you hold the note up to light you should be able to see it.
Dark print: The note denomination on old notes will have special raised ink that can be felt with your finger.
“If they still have concerns, suspect counterfeit banknotes can be submitted to the Australian Federal Police for expert examination,” an RBA spokesperson told Yahoo Finance.
“If the notes are deemed genuine, they will be returned with written confirmation stating as such.”
If you're a business, the RBA said you are "well within your rights" to refuse a banknote if you have concerns about it.
The Australian Federal Police said it was aware of a significant rise in posts, pages and advertisements on social media, purporting to sell counterfeit currency and warned that "items or imagery shown is not necessarily a true representation of what is being offered for sale and therefore we currently consider these pages are better characterised as scams".
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