Counterfeit $50, $100 bills in circulation, CIMA warns

Counterfeit $50 and $100 bills were collected in the Cayman Islands during mid-July, the Cayman Islands Monetary Authority reported Thursday.

The bank notes, collected between July 12-16, all carry the same serial number. CIMA did not state how many fake bills had been collected, but noted the Royal Cayman Islands Police Financial Crime Unit was investigating the matter.

Financial Crime Unit detectives asked anyone receiving a fake bill to note the description of the person giving them the money. Police ask not to return the fake note to the holder, but rather initial and date the white border of the bill and call the police.

“Obtain as much information as possible from the person passing the note and write it on the [police report] form,” the Financial Crime Unit advisory said.

The fake $50 notes have the serial number D/1 675547, according to CIMA. The serial numbers for the fake $100 bills is D/1 181158.

CIMA does not compensate individuals who inadvertently come into possession of counterfeit bills.

All Cayman Islands bank notes were redesigned in 2010. The redesign includes security features that CIMA officials said “make it relatively easy” to differentiate between real money and counterfeit bills. The security features include a color shifting holographic stripe, see-through images, a turtle watermark and an iridescent band.

The RCIPS form for reporting counterfeit money can be found on the CIMA website, under “Currency.”

Anyone who wants further information about how to identify counterfeit currency, or how to spot the real notes from the fake ones is asked to contact CIMA at 244-1694 or 244-1520, or the RCIPS Financial Crime Unit at 949-8797, to arrange a workshop for their frontline staff.