Officers from the RCIPS Financial Crime Unit are urging members of the public and businesses to continue to be on the look-out for fake cash, as forged KYD 25 notes continue to circulate throughout the islands.

The notes – forgeries of the new Cayman Islands Monetary Authority 2010 series – all have 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.

The RCIPS is advising business owners 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 passer. 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.

Detective Inspector Livingstone Bailey of the Financial Crime Unit warns, “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.”

The advice from the Financial Crime Unit is

• Pay 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.

• Pay attention to notes of all denominations – from one-dollar bills upwards.

• If you receive a note that you are not sure of, compare it to one that you know is genuine.

• If you have counterfeit report forms, obtain as much information as possible from the person passing the note and write it on the form. You should also secure 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.”

Direct link: www.cimoney.com.ky/currency/currency.aspx?id=70