The bogus bills were being produced in an apartment mostly with an inkjet printer. When the RCMP arrived to raid the apartment, the process of manufacturing the bills was not yet completed, said Sgt. Tony Farahbakhchian or the E Division Federal Commercial Crime Section.

“He didn’t quite have the finished product yet,” he said.

According to The Province, the bills had been printed three to a sheet on one side only and a watermark and puzzle number were missing. Security features such as security threads, foil strips and holographic stickers had also not been added.

Farahbakhchian told The Province that the quality of the notes varied, but overall they were average reproductions.

He also urged the public to pay close attention to their banknotes and to be aware of the security features, especially during the holiday season when counterfeit money can be easier to spread due to busy stores and the amount of money being exchanged.

Though the Bank of Canada introduced a new, more secure, polymer $100 bill in November, these fakes were modeled after the old series, which is still in active circulation.

Trevor Frers, from the Bank of Canada, applauded the raid.

“For the RCMP to seize over $1 million in counterfeit notes before they enter circulation, that’s a huge victory against counterfeiting,” Frers said.

According to RCMP, The Province reports, the overall passing of counterfeit bank notes has decreased since 2004 due to upgraded security features. The new polymer $100 note is expected to reduce counterfeiting even more and increase durability.

SOURCE:
The Province: “Cops Seize $1 Million In Fake Bills”

The videos – which can be viewed here – also educate the Estonian public about key security features found on the new currency including watermarks, security threads, and holograms.

The education campaign also includes a series of print media ads that will focus on the appearance and security features of euro banknotes.

The government will also circulate information leaflets along with two euro conversion cards to every household in Estonia. These conversion cards also detail the security features of the euro, and provides a list of price comparisons in both euros and kroons.

A major currency change like this doesn’t occur overnight. Beginning this summer, the country has been taking steps to ensure a smooth transition. From listing merchant prices in both Estonian kroons and euros, to approving official changeover rates, and beginning a preliminary distribution of euro coins to commercial banks, Estonia has been prepping for the new currency that has already been adopted by 16 other European countries.

Beginning in December, Estonians will have the ability to exchange kroon banknotes for euros without any fees. Starting January 1, 2011, all deposits in Estonian kroons will change over to euro deposits and ATMs will distribute only euros.

To date, the Bank of Estonia has not given a time limit for kroon to euro exchanges.

The euro is produced by a small number of banknote manufacturers around the world. One such company is the Vancouver-based Fortress Paper Ltd. who produces euro banknote paper for several countries at their mill in Landqart, Switzerland.

SOURCES:
Baltic Business News: “TV Spots Introducing Euro Banknotes In Estonia”
Euroveeb: “Videos”

“We want to take advantage of these technologies,” BSP Monetary Stability sector Deputy Governor Diwa Guinigundo told the Phil Star.

As a result, the new generation notes (the Piso) – issued in the P20, P50, P100, P200, P500, and P1,000 denominations – will contain heightened security features that aim not only to deter counterfeiting but also help make it easier for the public to detect fraudulent bills among their currency.

“As a matter of practice, central bans regularly change the designs of the money – whether coins or banknotes – to guard against counterfeiters,” another BSP source said. “By making it very difficult and costly for counterfeiters to produce exact copies of our money, we protect the integrity of our currency against criminals.”

Currently, the Piso banknotes contain standard security features such as security threads, security fibres, watermarks, invisible fluorescent inks, optically variable ink, microprint, moiré pattern and an iridescent band.
Other banknotes around the world have been outfitted with some of the most modern security devices known in the banknote industry recently. The new American $100 bill, for example, contains 3D holographs. Other up-and-coming anti-counterfeit devices include quantum dots (nanoscale dots that emit intense light), pixelating watermarks (photos that appear to be 3D because of the way the shades are printed), the reproduction of intricate patterns akin to butterfly scales, and see-through windows rooted between the layers of a polymer banknote.

Though the BSP hasn’t said which new features will be embedded in the notes, the central bank has said they will undertake a nationwide information campaign to educate Filipinos on the new features and help them learn how to tell genuine banknotes from counterfeits.

In terms of design, the new banknotes will pay tribute to Filipinos who played significant roles at various moments of the nation’s history and will also feature world heritage sites and iconic natural wonders of the Philippines.

The BSP also has plans to issue a new series of coins which aren’t expected to be circulated until 2012.

The current Piso series, which includes both coins and banknotes, hasn’t received a re-vamp in nearly 30 years.

SOURCES:
PhilStar.com: “BSP To Redesign Banknotes and Coins”
PhilStar.com: “BSP to Release 1st Batch of New Banknotes In December”
Philippine Coins and Banknotes: “FAQs: BSP Banknote and Coin Resdesign”
Bankgko Sentral ng Pilipinas: “BSP Notes & Coins”

#1 – Metallic Stripe (holographic stripe): Numbers and two-tone maple leaves in the metallic stripe change colour and light up when the bill is tilted. The numbers on the stripe match the bill’s value.

#2 – Ghost Image (watermark): When held to the light, the ghost image that appears matches the portrait. The number above the ghost image’s shoulder also matches the bill’s value, and the dashes form a continuous line.

#3 – Dashes (security thread): The dashes change from gold to green when the bill is tilted, and tiny numbers next to “CAN” match the bill’s value.

#4 – Puzzle Number (see-through number): When held to the light, a seemingly “broken” number matching the bill’s value is filled in by stripes making the number “whole.”

#5 – Raised Ink (intaglio): The large denomination number, the portrait, the coat of arms, and the text “Bank of Canada – Banque du Canada” are all printed with raised ink that makes those parts of the bill feel thicker.

#6 – UV (fluorescence): Under a UV light, “Bank of Canada – Banque du Canada” text and a number matching the bill’s value glow in red and yellow. Scattered red and yellow fibres on both sides of the bill also appear.

SOURCE:
Bank of Canada: “Bank Notes”

Irisafe is a modern security device developed that cannot be copied by scanners or photocopiers

*This article is the last in a three-part series on counterfeiting. Read the first two articles in the series: Part 1, Part 2

Anti-counterfeiting technology in and on banknotes has been evolved more over the past 30 years than it has in the entire history of money.

Today’s banknotes are not just used as currency; they are also becoming high-tech anti-counterfeiting devices.

Because copying technology like scanners, colour photocopiers and digital imaging software not only increased in popularity but also dropped in price, the act of counterfeiting banknotes became easier in the late twentieth century. In the United States alone, it is estimated that nearly $10 billion in counterfeit bills were circulated between 1990 and 1995.

In the face of this surplus of bogus bills, the US government began improving their designs and embedding security devices in their banknotes. The US Department of Treasury’s Bureau of Engraving and Printing, the division of the US government that is responsible for the actual design and printing of money crafted new 10, 20, 50 and 100 dollar bills with bigger faces, multi-coloured paper, holograms and reflective inks that change color depending on the lighting.

Around the same time, Europe was developing its single currency – the euro. Given the history of counterfeiting, and the increase in counterfeit bills in the US, officials involved in the creation of the euro to great lengths to protect the currency. Detailed images of the new banknotes weren’t publicized until almost the last moment.

The euro featured four layers of security. The first layer, watermarks and security threads, was announced to the general public. The second layer was a set of seven or eight measures that were announced to about five million professional money handlers. The third layer was another set of features to help machines spot bogus banknotes. The fourth layer still remains a secret.

Creating banknotes with multiple layers is now a common strategy to prevent counterfeiting. Fortress Paper, a leading international supplier of security and specialty papers, recently announced the launch of their multi-layered banknote paper called Durasafe, for example.

Durasafe is a hybrid banknote substrate that consists of a polymer core sandwiched between two 100 per cent cotton paper layers. The outer layers also contain “traditional” security features such as a watermark, security fibres and security threads. In addition to all that, Durasafe banknote paper also features a transparent window through all three layers maximizing the paper’s security potential.

Fortress Paper has also developed a feature called Irisafe, an iridescent striped coating that is integrated into security papers and is characterized by brilliant and changing colours when you change the angle of view. A colour copier cannot reproduce either the brilliancy or the change of colour present in this feature. At best, a photocopied forgery will show spotty stripes instead of the trademarked Irisafe qualities.

Many other security features have been introduced to banknotes around the world. Microtext (tiny repetitive letters or numbers), intaglio printing (raised lettering), holograms, and protection ornaments (markers next to the note’s denomination) are just some examples.

Intricate re-designs of banknotes every few decades, and consistent development of new security measures also provides surety that counterfeiting, while it may still exist, is definitely by no means an easy task these days.

SOURCES:
Banknotes of the Modern World: “Security Features”
“A Short History of Money”
“History of Counterfeiting”
Fortress Paper Ltd.
Global Paper Security: “The Launch of Durasafe Banknote Paper”
Global Paper Security: “Fortress Paper’s Irisafe”