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Date: 03/05/2018

The Bank of England has recently introduced The Banknote Checking Scheme for firms to help reduce losses to their business.

In 2016, it cost businesses £7.5 million due to counterfeit money. This is a shocking figure as it doesn’t include administrative costs or staff time that businesses incur after discovering that they have accepted counterfeit as payment. It's clear that more needs to be done to reduce this figure and help businesses understand what they can do. 

It is no surprise that retailers and businesses are the front line of defence against counterfeiting and so this Scheme aims to reduce losses to business by providing targeted training from checking notes to reporting and monitoring counterfeit banknotes.

The training provided by the Scheme is free for businesses and is collaboration between the Bank of England and the scheme’s seven strategic partners.

To find out more, read their pdf brochure or visit their website: