Yahoo Finance Tiny detail in $50 note highlights sinister problem
Renee Gracie pointed out several features that didn't align with her wad of cash.
An Aussie has revealed the tiny details that made her believe she had counterfeit money in her hands. Motorsports racing driver and OnlyFans star Renee Gracie held up three $50 notes and noticed that one of them was slightly different in size.
Fake money has become a thorn in the side of authorities across the country in the last few months and even some businesses are getting caught out. Omar El Deek, owner of Cosi Bar Ristorante in Melbourne's South Yarra told Yahoo Finance counterfeit cash was used twice in two weeks by customers to pay for expensive meals.
"We have so many people, it’s very busy," he said. "The number of customers who pay in cash is very low and obviously, the staff are not trained to handle a lot of cash any more. They just take the cash and put it in the register.”
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It can sometimes be extremely hard to tell what's real and what's fake.
Gracie's three $50 notes all looked fairly similar and, to the untrained eye, would probably be accepted at face value.
But she pointed out how one note was fractionally larger than the one she believed was real.
Gracie also highlighted how another $50 note, which looked practically identical to the other two, was "cracking" and "breaking" in certain areas, while the other had a different colour of yellow, and she reckoned those were telltale signs that they were fake.
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How to tell if your money is fake
El Deek was furious when he realised his business had been fooled not once, but twice, in such a short window of time.
“I never thought this could happen in Australia,” he told Yahoo Finance. “In Italy, it happens sometimes, but I thought it was a European thing with the Euro. Usually, it’s the five and 10 Euros.
“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.”
But there are some handy tips for those who want to avoid El Deek's pain.
The Reserve Bank of Australia (RBA) said anyone was within their rights to refuse to accept a banknote if they were worried about it.
Things the RBA said to look out for include:
Note texture: Is it plastic? Australian banknotes are printed on plastic and have a distinct feel. A suspect banknote may feel excessively thick or thin compared to a genuine banknote. 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.
The Coat of Arms: If you hold the banknote to the light, you should see the Australian Coat of Arms.
The star: Diamond-shaped patterns are printed inside a circle on both sides of the banknote. If you hold the banknote up to the light, the patterns should line up perfectly to form a seven-pointed star.
The clear window: The clear window should be an integral part of the banknote and not an addition. Check that the white image printed on the window cannot be easily rubbed off. Also look for the embossing – there is a wave pattern in the window of the $10 banknote, and the value of the banknote in the windows of $20, $50 and $100 banknotes.
Police are aware of counterfeit cash circulating in Australia
Several advertisements for counterfeit banknotes - showing piles of $50 and $100 bills - have been listed on Facebook, with a seller telling Yahoo Finance the notes would work at Coles and Woolworths and be shipped within two days after a payment using cryptocurrency.
One ad said you can get $3,000 worth of fake cash for just $250.
The Australian Federal Police told Yahoo Finance it was monitoring reports of counterfeit currency being "sold or transferred for Australian use" and warned those guilty of crimes associated with the possession or use of fake money could face up to 12 years behind bars.
"We remind the public to be aware of security features that are present on all genuine Australian banknotes and help to determine if it is real currency," a spokesperson said.
"Australian currency is also made from more durable materials - specifically, polymer - compared to paper-based currencies, which is what counterfeit notes are mainly made of."
What should you do if you believe your money is fake?
If you reckon you have stumbled across counterfeit money then definitely don't hang onto it.
It’s an offence to knowingly possess counterfeit notes and there’s no reimbursement for victims who end up with them in their wallet or till.
The RBA suggests going to the police as your first port of call.
“If they have concerns, suspect counterfeit banknotes can be submitted to the Australian Federal Police for expert examination,” a spokesperson said.
“If the notes are deemed genuine, they will be returned with written confirmation stating as such.”
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