Wednesday, 11th October, 2017

Bank of England launch scheme to reduce the number of counterfeit notes accepted by UK businesses

The Banknote Checking Scheme is aimed at cash-handling businesses and promotes banknote checking of Bank of England banknotes at point of sale through targeted training. Its aim is to reduce the number of counterfeit notes being accepted and to reduce losses to businesses.

The Bank of England wants to support businesses by providing the tools and information needed to increase the resilience of businesses front line in the fight against counterfeiters. 

Businesses can sign up to the scheme by pledging their support annually to a set of six guiding principles which can be tailored to individual businesses. Supporters will have access to advice and a range of education and training materials, including leaflets, posters, online computer-based training, targeted advice and regular webinars, as well as updates on relevant banknote topics.

Victoria Cleland, chief cashier at the Bank of England, said: “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.”