19 October 2013
DAMMAM -- Several experts have said the demand for counterfeit money detectors has increased by up to 40 percent recently. The increase in cash liquidity in the Kingdom and some Gulf states has resulted in an increase in counterfeiting attempts with many people resorting to using credit cards for large transactions, Al-Riyadh daily reported.
The experts said many of the counterfeit money detectors being used are cheap and of poor quality, producing inaccurate results. Machines that can accurately detect counterfeit money sell for between SR5,000 to SR15,000. Machines that can detect more sophisticated counterfeit money sell for between SR150,000 to SR200,000.
There are many methods to detect counterfeit money, the most common of which is the use of a special pen whose ink reacts to the presence of a key ingredient present in the paper money. If the ink marked on a bill changes to a dark color, then the money is likely fake.
Machines examine the metal strip found in bills or employ an infrared sensor to measure the density of the colors on the bill. Banks use highly sophisticated machines that employ ultra violet lights to examine certain fibers, the metal strip and hidden hologram on the bill.
Khalid Al-Thawadi, an information systems expert, said the most common means used for producing counterfeit money are inkjet printers. Bills printed on inkjet printers can be easily detected as the ink is soluble in water.
Faisal Bin Marzooq, a specialist in spotting counterfeit money, said the Saudi Arabian Monetary Agency (SAMA) Kingdom uses three main security precautions to combat counterfeiting of the Saudi riyal. Firstly, the use of certain security marks that are difficult to reproduce acts as the biggest deterrent to counterfeiting attempts. Strict monitoring of printing presses and the efforts of customs officers to catch counterfeit money are also effective means of preventing the circulation of counterfeit riyal bills.
DAMMAM -- Several experts have said the demand for counterfeit money detectors has increased by up to 40 percent recently. The increase in cash liquidity in the Kingdom and some Gulf states has resulted in an increase in counterfeiting attempts with many people resorting to using credit cards for large transactions, Al-Riyadh daily reported.
The experts said many of the counterfeit money detectors being used are cheap and of poor quality, producing inaccurate results. Machines that can accurately detect counterfeit money sell for between SR5,000 to SR15,000. Machines that can detect more sophisticated counterfeit money sell for between SR150,000 to SR200,000.
There are many methods to detect counterfeit money, the most common of which is the use of a special pen whose ink reacts to the presence of a key ingredient present in the paper money. If the ink marked on a bill changes to a dark color, then the money is likely fake.
Machines examine the metal strip found in bills or employ an infrared sensor to measure the density of the colors on the bill. Banks use highly sophisticated machines that employ ultra violet lights to examine certain fibers, the metal strip and hidden hologram on the bill.
Khalid Al-Thawadi, an information systems expert, said the most common means used for producing counterfeit money are inkjet printers. Bills printed on inkjet printers can be easily detected as the ink is soluble in water.
Faisal Bin Marzooq, a specialist in spotting counterfeit money, said the Saudi Arabian Monetary Agency (SAMA) Kingdom uses three main security precautions to combat counterfeiting of the Saudi riyal. Firstly, the use of certain security marks that are difficult to reproduce acts as the biggest deterrent to counterfeiting attempts. Strict monitoring of printing presses and the efforts of customs officers to catch counterfeit money are also effective means of preventing the circulation of counterfeit riyal bills.
© The Saudi Gazette 2013
