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