Cops warn fake CI$25 look like real thing

(CNS): The police are warning the public to remain on the lookout for counterfeit Cayman cash as officers from the RCIPS Financial Crime Unit say forged KYD25 are still in circulation throughout the island. The notes which are forgeries of the new Cayman Islands Monetary Authority 2010 series all carry the serial number D/1218076 on the front. These notes look exactly like the real thing but do not have the usual security features that real notes do and as a result people need to check their cash closely. Business owners in particular are being urged to ensure that their staff members are familiar with the look and feel of genuine notes, as well as the security features to look out for such as paper quality, watermarks and the metallic strips.

If retail staff receive a fake note, or one they suspect to be counterfeit, they should note the description of the person passing the note, as well as any companion. The note should not be returned to the person who handed over the forged cash.

The person receiving the note should initial it and date it close to the edge, then tag the note with a copy of the transaction receipt and call the police. 
Anyone who is found to be involved in the production or circulation of counterfeit cash could face up to ten years behind bars. In addition, anyone who receives a note which they believe to be fake must contact the police immediately as it is a criminal offence to retain or pass on the note.

“If you are in possession of a note that’s found to be counterfeit you will not be compensated, so those few extra seconds spent checking the cash could prevent you from losing out financially,” Detective Inspector Livingstone Bailey of the Financial Crime Unit warned.

The advice from the Financial Crime Unit is to ay attention to the feel of the paper on which notes are printed. Genuine notes are printed on special paper that has a rough texture. Counterfeit notes have a smooth texture and will smudge or smear when exposed to water.

“Hold notes up to the light to identify the following features:- turtle watermark, electrotype wording CIMA, holographic stripe for upper three denominations 25, 50 and 100 KYD notes, the window security thread for three lower denominations  1, 5 and 10 KYD notes or the embedded thread for the upper three denominations,” the FCU officers advised.

Despite that the counterfeit notes currently in circulation are fake $25 bills, the police warned the public to pay attention to notes of all denominations including one-dollar bills upwards and if you receive a note that you are not sure of, compare it to one that you know is genuine.

The police are also asking businesses that have counterfeit report forms to obtain as much information as possible from the person passing the note and write it on the form and to secure any CCTV footage of the transaction and the passer.

The RCIPS form for reporting counterfeit money can be found on the CIMA website www.cimoney.com.ky  under “Currency.”