Both the Federal government and local State governments can impose penalties on an individual for using or attempting to use counterfeit money. Under Federal law, if a prosecutor can prove the intent to commit fraud or forgery, an individual can be sentenced up to 20 years of incarceration on top of a hefty fine.
Furthermore, on a federal level, a conviction for using counterfeit money carries a period of incarceration of up to 20 years, along with a $250,000 fine.
Possessing counterfeit money: a person shall not have in their possession counterfeit money. The maximum penalty is 10 years' imprisonment (for a person not being a body corporate) or 500 penalty units (for a person being a body corporate).
If you are in possession of suspected counterfeit banknotes, counterfeit coins or counterfeit prescribed securities you should contact your local police or the Australian Federal Police in your state/territory.
All ATMs are equipped with an electronic sensing eye and other scanning devices in order to detect bogus money. Besides, they record transaction details, personal activity and the user's face using in-built cameras.
Second, banks use various technologies and tools to detect counterfeit notes, including money counters and fake currency detection technology. These technologies are reliable, and there is very little chance of a fake note passing the security measures.
A concealed camera is typically used in conjunction with the skimming device in order to record members typing their PIN into the ATM keypad. Cameras are usually concealed somewhere on the front of the ATM.
Generally, fake money “does not have the crisp money feel and the raised feeling of the black ink on the front of the bills," he says.
Australian banknotes are printed on polymer, a type of plastic, and they have a distinctive feel. Polymer banknotes were developed to make our currency more difficult to counterfeit. The polymer makes it possible to include a range of security features on our banknotes.
Counterfeiting in Australia has been steadily declining since its peak in 2015. The Bank received around 17,000 counterfeits in 2021 with a total value of just over $1,300,000. This is small relative to the total number of banknotes in circulation (at around 2 billion notes, worth $102 billion).
The maximum penalty for: an offence against section 134.2(1) of the Criminal Code is 10 years' imprisonment.
These laws make it a crime to: Hold, pass, publish, sell, or attempt, any counterfeit currency with the intent to defraud. Make, forge, or pass counterfeit foreign currency with the intent to defraud.
However, the same effect can be accomplished by using hairspray on commonly used papers since it will create an invisible barrier between the starch and iodine from the pen. Because the pen is only checking for starch, it results in a false approval of a counterfeit note.
When your business receives counterfeit money from a customer, do not return the bill. Contact your local law enforcement agency immediately. Your local police department contacts the Secret Service regarding the transaction.
If you've bought something from a scammer
Your card provider can ask the seller's bank to refund the money. This is known as the 'chargeback scheme'. If you paid by debit card, you can use chargeback however much you paid.
The $100 banknote has become the most faked cash denomination in Australia and is circulating mostly in the counterfeit capitals of Sydney and Melbourne.
Safescan 185-S - Automatic Multi-Direction Counterfeit Detector for Australian banknotes - Suitable for The New AUD 50 & 100.
Any person reproducing a banknote or creating an image of a banknote in reliance on this consent acknowledges by doing so that neither the Reserve Bank of Australia nor any of its officers or employees is liable for any consequences of the making or the publication or other use of any reproduction or image of a ...
In genuine currency, both the watermark image and the portrait are the same person AND are facing in the same direction. The counterfeit $100s are facing opposite directions and are different images. The counterfeit $100 bills have the watermark of Hamilton when it should be Franklin.
US Dollars
It may not come as a surprise to learn that the US dollar is the most commonly counterfeited currency in the world according to the Federal Reserve Bank of Boston.
The $100 note features a portrait of Benjamin Franklin on the front of the note and a vignette of Independence Hall on the back of the note. A unique combination of eleven numbers and letters appears twice on the front of the note.
What should you do if an ATM eats your deposit? If an ATM eats your money without depositing the correct amount, note the time and location, get a transaction receipt or photograph any error messages, and contact a customer service representative right away.
The camera delivers the perfect view of the customer in front of the ATM… Customers typically stand approximately 2 feet (61 cm) away from the camera when they are using an ATM. With the MegaPX ATM camera, this yields an impressive 3 ft (91 cm) vertical view of the customer.
ATM cameras are not always recording, these cameras are only activated by couple of commands; vibration sensing, keypad pressing, card insertion, and motion sensing.