More awareness vital to curb circulation of fake notes

The number of fake currency notes printed and circulated locally and globally has increased despite public awareness of its security features.

Authorities said that it is due to security features on notes that counterfeit or dud money is being detected fast today.

Central Bank Governor Ajith Nivard Cabraal said that anyone could print counterfeit notes but the printer or user of the fake notes cannot go on for long without being detected as bogus notes could be easily identified.

The bogus notes are detected fast due to its many security features such as colours, lines and water marks. Banks and institutions that do regular large transaction have installed machines to detect counterfeit notes. The CID nabbed a person for giving the daughter of a former President 403 fake notes of Rs. 5,000 denomination and printing 424 more counterfeit notes of the same denomination.

The public is of the view that the wide circulation of counterfeit notes is due to lack of awareness of the security features of an authentic note.

Credit card users said that credit card frauds have increased due to the absence of a PIN number that would help prevent fraudulent transactions.

Fraudulent credit card transactions cannot be prevented as there is no PIN number. Only the signature of the purchaser is tallied at the time of transaction.

Senior banker Mangala Boyagoda said that there should be stringent measures to curb the printing of fake notes and fraudulent transactions.

There should be more awareness to help people identify fake notes and added that there should be centres to test counterfeit notes.

Banks and financial institutions should help customers to identify bogus currency notes.

The Governor said that the Central Bank publishes advertisements on all media of the features of an authentic note. The public could today easily identify a fake note analysing the security features.

- LF