Retail Council of Canada warning public of counterfeit currency
The Retail Council of Canada is warning consumers and business owners of a significant increase in the circulation of fake $20, $50, and $100 bills. The council says reports of counterfeit currency have seen an uptick since November.
In fact, the association reports it has detected more counterfeit bills in one month than in the entire previous year – likely due to refined techniques, making it nearly impossible to detect. some of the new techniques include better holograms. The Council say the more people who are aware, the more Canadians can try to limit the spread of these counterfeit bills. According to the latest national data, theft and fraud-related losses in businesses amount to $9 billion annually.