Spotting counterfeit money

BY MARC LALONDE



With the introduction of a new $5 bill, the Bank of Canada sent representatives out into malls and stores across the country to educate consumers on the security features of the new bill and how to avoid falling victim to one of the estimated 400,000 counterfeit Canadian bank notes currently in circulation worldwide.

“I can only go with statistics from 2005, but that year there were an estimated 400,000 counterfeit Canadian bank notes worth about $10 million in circulation worldwide,� said Sgt. Andre Bacon of the Royal Canadian Mounted Police at Fairview Pointe Claire shopping centre last Friday afternoon.

The new bill boasts a silver holographic stripe down its left side, and other security features include ‘Bank of Canada’ and ‘Banque du Canada’ only visible under ultraviolet light. The coat of arms is also on the bill.

The information campaign comes just as the Christmas shopping season has begun to heat up, Bacon said.

“The new bill was only issued last Wednesday, so the timing works well. Also, transactions tend to go up around the Christmas shopping period. We’re trying to educate the public about the security features so they won’t be victimized,� he said.

The period of time between September and Christmas is the busy time of year for counterfeiters, because of the back-to-school spending and Christmas season. It’s estimated that 60 per cent of household purchases are made in that time.

In addition, counterfeiters target big cities to ensure the bogus cash changes hands quickly.

“The traffic is concentrated in big centres, like Toronto, Montreal and Vancouver,� said Bacon, who, along with Bank of Canada analyst Audrey Bordeleau, spent about five hours last Friday educating passers-by and shopkeepers on the new security features.

“If people believe they have come into contact with a counterfeit note, they should call our 24-hour hotline,� Bacon said.

The counterfeit-currency hotline is

1-800-711-1800.