Counterfeit Cayman cash continues to circulate

(CNS): Officials from the Cayman Islands Monetary Authority (CIMA) and the Royal Cayman Islands Police Service (RCIPS) are urging the public to watch out for forged currency notes which continue to surface in the community. The Financial Crime Unit said the notes currently in circulation are mainly CI$50, from the C Series but the CI$25 from the new D Series have also recently surfaced. Residents and business owners are asked to follow the proper procedures for reporting suspicious notes to call the police on receipt of the forged cash and not to rely on counterfeit detection pens but to consider all of the various security measures.

“If you receive a forged note, or suspect one to be forged, we ask that you observe and note the appearance of the person passing the note, as well as that of any companions,” said Detective Inspector Ian Lavine from FCU. “Do not return the note to the passer. Instead, tag the note with a copy of the transaction receipt and call the police. If you have forged report forms issued by the FCU, obtain as much information as possible from the person passing the note and write it on the form.”

The FCU urges business ownersnot to rely on the counterfeit detection pen for Cayman Islands banknotes. A discreet way to check if a note is genuine is to keep a wet sponge handy and discreetly rub the note with wetfingers. If the ink smudges then the note is a forged note.

Lavine also urged people to take into consideration other security features of genuine notes. “People should look at the notes more critically and be aware of other security features, including the turtle and letters ‘CIMA’ which appear as watermarks. The current forged notes in circulation do not have the metallic strip which makes the notes appear genuine, further reinforcing a thorough review of suspicious notes.”

The public are being warned not to try and apprehend those who are trying to present the forged cash but by following the advised procedure the FCU will have the best chance at catching these criminals.

CIMA confirmed that it cannot compensate people who come in to possession of forged notes emphasizing the need for people to be vigilant when handling money.