Counterfeit Currency Survey Report Johns Scicchitano Hayes 2008
Counterfeit Currency and Retailing:
A Pilot Report on an Ongoing Retail Problem
Tracy Johns, PhD, Michael J. Scicchitano, PhD and Read Hayes, PhD
Twenty US retail chains were interviewed regarding their company’s counterfeit currency prioritization and detection efforts. Retailers acknowledge counterfeit currency is an ongoing but relatively low priority issue for them. Retailers experiencing higher levels of cash transactions such as auto parts dealers put more emphasis on currency integrity. All participants train and provide anti-counterfeit tools to their employees.
Keywords: detection, UV, counterfeit currency, priority, future needs
Credit and checks are pervasive and growing rapidly, but cash remains an important payment method. With annual US retail sales estimated by the National Retail Federation at over $4.5 trillion, and at least 30% of this being cash, retailers across the US continue to take in billions in US currency for sales transactions. Along with mostly authentic bills, US retailers also take in counterfeit and altered money. The US Treasury estimates at least .02% of US money, or around $245 million in bills are counterfeit at any given time.