The Royal Cayman Islands Police Service’s Financial Crime Unit has warned businesses and residents to be on the lookout for fake bank notes, as forged $25 notes continue to circulate.
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 police service said business owners should ensure 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 staffers 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 anyone who is with them.
The note should not be returned to the passer, police said.
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 police.
Anyone who is found to be involved in the production or circulation of counterfeit cash could face up to 10 years in prison. 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,” said Livingstone Bailey of the Financial Crime Unit.