Check for fake Kwacha – BAZ

BUUMBA CHIMBULU writes BANKERS Association of Zambia (BAZ) has encouraged businesses to invest in a counterfeit detector as it is one of the simplest ways to verify the authenticity of currency. BAZ Public Relations Officer, Mirriam Zimba, said counterfeit detection had increased in sophistication to keep up with the demands of increasingly complex counterfeit banknotes. “The unfortunate reality is that both cheque and cash transactions are prone to frauds. “The inbuilt security features on both cheques and cash can be replicated, hence the need to be aware on how to identify authentic bank notes and cheques,” Ms Zimba said in an interview. Ms Zimba explained that many of these counterfeit detectors employed the use of what was referred to as tri-technology. “This technology detects the ultra-violet, magnetic and infrared security features on each banknote. Investing in a counterfeit detector with the tri-technology provides the user the best chances of protection and will accurately identify and reject any counterfeit banknotes,” she said. Ms Zimba however observed the need to be mindful of the need, when choosing a counterfeit detector, to ensure that it was compatible with the types of currency the business accepted She said with the advent of online and digital banking, everything related to finance was only a few clicks away. She further said despite the rapid rise in banking technology, there is no doubt that traditional payment channels such as cash and cheques are still very common even in present day times. “Members of the public are advised to ensure they familiarise themselves with the features of the local and foreign currencies which they regularly transact in. when in doubt, ensure to verify the authenticity of a banknote with the nearest Commercial Bank,” Ms Zimba said. The Sun