NANAIMO — Local Mounties are seeing a spike in reported cases of counterfeit money.
The detachment has received at least 17 separate reports over the last two months, of what police are calling “high-quality counterfeit” notes, in $50 and $100 denominations, being used across the city.
Nanaimo RCMP Cst. Alexa Blacklock said the bills all have the same serial numbers and feel very similar at first glance to real bank notes.
A holographic sticker is also added to replicate security measures included in legitimate notes.
“If you unknowingly accept counterfeit cash as legal tender, you can’t be reimbursed; you’re on the hook for the loss,” Blacklock said in a statement. “Being familiar with the security features of genuine bank notes will help you spot counterfeits at a glance, protecting yourself from fraud.”
One tell-tale sign of a counterfeit note, investigators have discovered, is the holographic strike on one side of the bill is able to be peeled off.
Mounties say any businesses accepting cash in Nanaimo are encouraged to examine bills as they come in to ensure they’re legal tender.
Creation of counterfeit money is punishable by up to 14 years in prison under the Criminal Code of Canada, while knowingly being in possession or using the fake bills carries a similar punishment.
More details on bank note security features is available on the Bank of Canada website.
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