At the end of November the Bank of England welcomed retailers and businesses from around the UK to an event marking one year on from the launch of the Bank’s Banknote Checking Scheme, to counter counterfeit notes.
Sarah John, the Bank’s Chief Cashier, spoke at the evening reception and thanked supporters such as pub chain Wetherspoons, Pret a Manger and One Stop mini-markets.
Sarah John said: “Counterfeits are only produced because criminals believe they will find somewhere to spend them and can do so without consequence. Checking banknotes is essential to preventing counterfeit losses. We invest heavily in the design and security features on our notes and both the cash industry and businesses do the same to ensure the success of note launches. But banknotes must be both checked and checked correctly for us all to get full value for our investment.”
The scheme is aimed at cash-handling businesses to promote checking and prevent financial and reputational losses associated with counterfeit notes. The scheme has six principles which promote checking and training and the development of a good working relationship between businesses and the Bank. In the scheme’s first year, the Bank has received over 100 pledges of support from retailers and businesses covering around 7000 stores across the UK. Any retailer or business, small or large and from any sector, can pledge.
Emma Sinclair, Senior Manager of the Banknote Engagement and Communications Team said: “Retailers play a vital role in tackling counterfeiting. That is why we are delighted that so many retailers are working with us to stop counterfeits being accepted and it was fantastic to be able to celebrate the early success of the Banknote Checking Scheme with so many of our supporters.”
Supporters have free access to advice and training materials to help banknote checking within their business; leaflets, posters, online computer-based training, targeted advice and webinars, plus updates on relevant topics such as the issue of new-series banknotes and withdrawal of old-series ones.
Joe Rutlidge, from the national convenience store chain One Stop Stores Plc said: “Pledging our support to the Bank of England’s Banknote Checking Scheme has helped us to:
‐ Provide up-to-date and relevant training material for colleagues.
‐ Align and update our counterfeit banknote processes.
‐ Empower our colleagues to feel more confident in knowing what to do in the event they suspect they
have received a counterfeit note.”
About the scheme
Partners include the Association of Convenience Stores (ACS), British Retail Consortium (BRC), Crimestoppers, National Crime Agency (NCA), National Pubwatch, Petrol Retailers Association (PRA) and Retailers Against Crime, National Police Chiefs Council, National Business Crime Centre, National Pawnbrokers Association and the Charity Retail Association. The move of the £5 and £10 to polymer was partly to make it harder to counterfeit. Although relatively rare, any counterfeit banknote is worthless. For more visit www.bankofengland.co.uk/banknotecheckingscheme.
The six guiding principles:
Your staff:
1. Are trained and check banknotes at point of sale;
2. Know what to do with a counterfeit banknote;
Your business:
3. Shares information with the Bank of England;
4. Promotes the Scheme;
5. Supports law enforcement activities; and
6. Appoints a single point of contact for the Scheme.
