Thursday 29 October, 2020

Central Bank of Barbados tackling counterfeit money

The Central Bank of Barbados has become the first central bank in the region to introduce a currency app, it said in an announcement today.

The mobile app, which is called “Barbadian Banknotes: Are Yours Real?” and can be downloaded free from Google Play or iTunes, is part of the organisation’s ongoing efforts to combat counterfeiting.

“With this app, Barbadians have the information they need to authenticate their money right at their fingertips,” said Octavia Gibson, Deputy Director, Currency at the Central Bank. “We’ve always stressed the importance of checking your notes as soon as you receive them, and this is an on-the-spot counterfeit detection guide.”

Gibson went on to explain how the app works.

“You choose the denomination you want to look at and it not only shows you where the security features are on that note but also how they work. So if you’re looking at the $100 note, you can select the hologram and it will show you it changing colour. With this app you know exactly what you should be looking for on your notes.”

The new app was created in collaboration with Barbados’ banknote printer, De La Rue, which also helped produce Bank of England’s currency app. Several other international central banks, including Switzerland’s, Pakistan’s and Australia’s have also introduced similar apps.

“This is only the latest resource available in our fight against counterfeiting. We continue to have a wealth of information on our website, we still have printed materials available free of charge for those who want them, and we also offer free training sessions to companies and groups upon request,” reiterated Gibson. “What’s unique about this is the convenience. I encourage everyone to download the app and to use it to protect themselves.”

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