OTTAWA – The Retail Council of Canada (RCC) has issued a vital warning to shoppers and business owners regarding a significant surge in sophisticated counterfeit currency circulating in New Year markets. Authorities report that highly advanced fake versions of $20, $50, and $100 bills have entered the economy, featuring holograms and security details so convincing they are nearly impossible for the average person or even trained retail staff to distinguish from genuine polymer notes. This alert comes as the retail sector continues to grapple with staggering losses, with national figures indicating that businesses lose an estimated $9 billion annually to various forms of theft and fraud, including the passing of counterfeit cash.
The Bank of Canada is urging the public to exercise extreme vigilance by manually verifying the security features of every high-value note received. Key markers of authentic currency include the large transparent window containing metallic portraits that shift color when tilted, a frosted maple leaf window with a clear outline, and raised ink on the portrait and the large denomination numbers. Officials emphasized that if a counterfeit note is mistakenly accepted, financial institutions will not provide reimbursement for the loss. Furthermore, attempting to use a known fake note is a criminal offense. Anyone who suspects they have been handed fraudulent currency is advised to refuse the transaction and immediately contact local law enforcement to help track the source of these illegal replicas.
