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Retailers offered help to tackle counterfeit notes



The Bank of England has launched a new scheme which promotes banknote checking at point of sale in a bid to reduce the number of counterfeit notes being accepted by businesses.


The Banknote Checking Scheme is aimed at cash-handling businesses and asks for participants to pledge their support to a set of six guiding principles. Supporters will then have access to advice and a range of education and training materials to help shape banknote checking within their business. This includes leaflets, posters, online computer-based training, targeted advice and regular webinars, as well as updates on relevant banknote topics such as the issue of new-style banknotes and withdrawal of old-style banknotes.

The Scheme is a collaboration between the Bank of England and the Scheme’s seven strategic partners. These are the Association of Convenience Stores (ACS), British Retail Consortium (BRC), Crimestoppers, National Crime Agency (NCA), National Pubwatch, Petrol Retailers Association (PRA) and Retailers Against Crime.

Victoria Cleland, chief cashier at the Bank of England, said: “Retailers and other businesses are the front line of defence against counterfeiting. Counterfeit banknotes are only produced because criminals believe they will find somewhere to spend them and can do so without consequence. We are introducing the Banknote Checking Scheme to make this even more difficult. Don’t let counterfeit banknotes be a cost to your business, your customers or your reputation.”

To register your support for the scheme and find out more, click here.

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