For money counterfeiters across the nation, it really is all about the Benjamins. Unbeknownst to the average consumer, the U.S. is currently experiencing a growing trend of fake $100 bills making their way into wallets and cash registers everywhere.
Thankfully, the trusty Federal Reserve is taking action to stop would-be counterfeiters in their tracks. Get ready for Mr. Franklin’s makeover — the $100 bill is being redesigned with security in mind!
Counterfeit Cash: More Common Than You Think
Although most of us have only seen fake money-printing operations in movies, the practice of manufacturing bills is actually a widespread crime. Denominations like $100 bills are popular because they’re not too rare to raise suspicion, and using them can net some big (but illegal) gains.
There are plenty of ways that one can fall victim to a financial scam involving counterfeit items. Scambook has covered many of them, such as paying cash for fake tickets, or experiencing check fraud when ordering items online.
However, using counterfeit cash is one of the most dangerous scams for consumers, because it’s not only easy to mistake fake money for the real stuff, but one can also be implicated for using it.
The New $100 and Its Security Advantages
The redesigned $100 bill is intended to curb counterfeiting. Originally, the new design was slated for 2010, but production delays kept it out of circulation.
Now, the new bills are ready to go and will officially be put into circulation on October 8th, 2013. We can expect an influx of the ultra-secure bills across the nation before the year is out.
The Federal Reserve’s redesigned $100 will have a couple of new features that are sure to distinguish it as the real thing.
Most notable is a blue ribbon printed in 3D, so the public can immediately peg it as actual cash. It’s difficult for counterfeiters to replicate 3D, which the Reserve hopes will be a major deterrent.
Take Your Counterfeit Knowledge a Step Further
Customers everywhere owe a big thank you to the Federal Reserve for throwing a wrench into the printers of major counterfeiters. But did you know that you can also protect yourself against accepting and using fake money?
Whether you’re accepting cash from a department store return department or from a Craigslist stranger, there’s always a statistical chance that your bills aren’t real. That’s where the counterfeit detection pen comes in.
With this pen, you can mark any bill with special ink that responds to wood-based paper (the government uses fiber-based paper). The fake paper will show its true colors right away and the pen’s ink will change color. And these pens only cost around $5!
Money Smarts: Know Your Bills
In order to familiarize yourself with the new $100 and other anti-counterfeit measures, visit the U.S. Currency Education program online at www.newmoney.gov.
Whether you’re a business owner or a consumer, it’s important to have the latest information on bills in circulation. Make sure you know exactly what a modern $100 looks like and keep a sharp eye out for fakes!
Have you ever been a victim of money counterfeiting? Have any additional tips for spotting false bills? Let us know in the comments.
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