The Federal Reserve estimates that there is about $303 billion in counterfeit currency in circulation.

In this Foodservice Radio interview with Libby Libhart of Loss Busters, we learn how much counterfeit currency is in circulation, steps you need to take to protect your business, which electronic method work best, and what to do if you get a suspicious bill.

Tips on detecting counterfeit currency:

Experienced cashiers can usually tell a counterfeit by just the look and the feel of the bill. US currency is printed on a linen type of paper, so the feel is different than printing on wood pulp based paper.

Printing of the US currency is very precise and very sharp; some counterfeit currency has blurring of the ink and blurring of the fine printing.

Here is several quick and easy ways to check for fakes on $10, $20, $50 & $100 bills.

1. Color Shifting Ink
- Hold the bill away from you and look at the bottom right hand corner
- Tilt the bill away from you at a 45 degree angle. The ink will shift from green to black on bills printed between 1996 and 2004 and green to copper on bills printed after 2004

2. Watermark
- When looking at the front, look on the right-hand side of the bill between the seal and the edge and you will see a watermark of the president

3. Security Strip
- There is a security strip that runs vertically through each of these bills as well

Iodine pens have become less effective as counterfeiters often wash $1 and $5 bills, and creating fake bills on real currency paper.

Currency is printed with ultraviolet ink, so inexpensive UV lights can detect many counterfeit bills.

For more information, visit the Loss Busters web site.

For the complete interview, listen to the podcast below:

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