Tuesday 11 August, 2020

Central Bank notes social media post of $20 bills, warns shoppers

Barbados bank notes (FILE)

Barbados bank notes (FILE)

Barbadians are being reminded to pay attention to their banknotes when conducting transactions.

The timely alert is coming from the Central Bank of Barbados. Though assuring the public that they have not seen an increase in fraudulent currency, the Bank is urging Barbadians and vistors to be vigilant as they go about their holiday shopping.

In a press release, Deputy Director, Currency at the Central Bank Octavia Gibson said:

“While we have not recorded an uptick in the number of fake notes so far this season, we know that at times of the year when there is an increase in cash in circulation, there can also be an increase in counterfeiting. 

“That is why we issue advisories at Christmas and Crop Over.”

Gibson confirmed that the Bank is aware of a social media post circulating that shows four $20 notes with the same serial number. “While we have not examined the notes in question, I am comfortable saying that the notes in the photo are counterfeit because every Barbadian banknote has a unique serial number. If you receive two notes with the same number, that is a red flag.”

Gibson said there are other ways people can authenticate their notes. “Barbadian banknotes contain many security features that will help you to tell the difference between a genuine note and a counterfeit. Visit our website, check our social media pages, or download our banknote app to learn what to look for. If you use these features to check your money, it will be very hard for a fake note to fool you.”

The Central Bank official also assured the public that the overall incidences of counterfeiting are small.

She shared, “Even with periodic increases, the level of counterfeiting in Barbados is quite low. Nevertheless, we know that no one wants to lose out. That is why we make these online resources as well as printed materials available free of cost to persons who want them. We encourage everyone to use them. Learn the security features and then check your money as soon as you receive it.”

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