The Royal Cayman Islands Police Service is reminding residents to be vigilant when it comes to cash exchanges.
This new warning stems from detectives in the Financial Crime Unit, which is continually taking reports of counterfeit notes in circulation.
‘Most recently we have seen an increase in fake 100 dollar bills being used, however emphasis should be place on all denominations’ said Detective Constable Adrian Neblett.
‘We have seen a steady increase in both CI notes and US counterfeit notes, so people should be on the constant look out.’
The RCIPS asks that anyone who receives a counterfeit note observes the appearance of the person passing the note, as well as that of any companions. DC Neblett also advises that the note should be tagged with a copy of the transaction receipt and bagged separately from other notes.
The RCIPS form that should be used for reporting counterfeit money can be found on the CIMA website at www.cimoney.com.ky, under ‘Currency.’
CIMA reminds the public of the features of genuine Cayman Islands currency notes to assist them in distinguishing genuine notes from counterfeit ones.
• All genuine CI notes bear a watermark in the form of a turtle, which can be seen when the note is held up to the light. The watermark on the C series notes also includes the letters ‘CIMA’ above the turtle. However it’s important to note that some counterfeit notes also have the watermark so you should not rely solely on this feature to determine if the bill is genuine.
• Each C series banknote has a metallic thread running through the note from top to bottom. The thread is imprinted with the words ‘Cayman Islands.’ In counterfeit notes the thread, if it appears, usually looks transparent or white instead of metallic, and sometimes has a grey shadow alongside it.
• Each $50 C series note has a silver foil imprint of a stingray on the edge of the note, to the right of the portrait of Her Majesty the Queen. On counterfeit notes, the imprint usually loses the silver colour and appears a flat grey.
• Genuine $100 notes carry a shimmery, silver-coloured mark (called a hologram) in the shape of a Cayman schooner. This mark changes colour when the note is tilted. On most counterfeit notes, this feature appears a flat bluish-grey.
• The serial number on each banknote is different. When receiving notes, you should therefore examine the serial number for any signs of tampering.
• You should also 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 when exposed to water.
• Pay attention to notes of all denominations – from one-dollar bills upwards.