What to do when you accept fake currency

When you a see cashier in the bank checking your money after counting it is not for fun, this is because they bear the risk of any fake currency they did not dictate before posting.

The truth is you don’t know what is going to happen tomorrow. Life is a crazy ride and nothing is guaranteed“–Eminem. This is one reason we are committed to providing tips, reviews and guides that will help you to reduce your tomorrow/ future financial burden today.

As a business owner, one of the ways to avoid being a victim of fake currency is to educate yourself and whoever is your sales rep on how to identify counterfeit note. Fake currencies are highly in circulation.

Small businesses like POS vendors must have a book for collecting customers data, this will help to trace such case. POS business is a fast growing business in Nigeria. Due to carelessness of some POS vendors, fraudster are now using it as a medium to perpetrate their evil plan.

One major reason why POS vendors always fall into the trap of these fraudsters is because most vendors do not keep records of their customers. There should be a book to collect information like names, phone numbers and the amount transacted. With these three major information from your customers, you should at least have a clue of who and who to suspect from the list of your customers. If you collect a fake currency by mistake as a POS vendor, you will discover that in some cases, there is nothing you will do about it, because you do not have prove or any evidence to show it was a particular customer that issued you such currency. One could even claim it was your cashier who own those fake currencies, in fact, if you accused anyone wrongly, you could land yourself a case you never bargained for.

What to do if you accept a counterfeit note

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  • Do not give the fake note to whoever gave it to you.
  • Do not destroy the fake note
  • Have a proof of identity of the suspect
  • Contact your local police station
  • For POS vendor you can contact your bank with the print out or details of the customer’s transaction you suspect. The bank might have had similar cases, they can help you track the suspect with the help of the police.

You should also be aware that sometimes the suspect will deny giving you any fake currency if there is no evidence to prove it. You can’t indict him because you attended to many customers and there are no evidence to prove he is the suspect. To this effect, it is advisable you have a good proof before pointing accusing fingers at any one.

What to do to avoid collecting a fake currency

  • Get a mercury light, if your business involves dealing with cash.
  • Small business owners like POS vendors must have a book for keeping track record of their customers.
  • Educate yourself and your staff on how to identify fake currency.

How to know a fake currency

  • A fake currency is usually light and fray when viewed through the mercury light.
  • The texture is usually of paper instead of cotton
  • When squeezed on your palm, it might not rise again while the real currency will rise gradually.
  • It is prone to water; water can easily dissolve it.

Get more idea about fake currency here


Sometimes tracing the person by yourself is a waste of time and resources, you will spend more. Here in Nigeria, the police might need a court order before they will listen to you and you cannot get a court order without a lawyer and the lawyer cannot give you a court order without collecting something from you.

For business owners, i believe there should be an insurance coverage before you start any business should incase such misfortune happen.

I advice you be very careful while dealing with cash.

Related Article: The Best Free Budgeting App in 2021

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