FSB joins forces with BoE to safeguard SMEs against counterfeit notes

Dec 7, 2023

The Federation of Small Businesses (FSB) has forged a strategic partnership with the Bank of England's Banknote Checking Scheme, aiming to shield small enterprises from the dangers of counterfeit banknotes.

The FSB anticipates a surge in cash payments to small businesses during the festive season and has identified the need to fortify businesses against the persistent risk of accepting counterfeit currency.

While the adoption of new polymer notes and law enforcement successes have curtailed the number of counterfeit notes being accepted, businesses across the UK continue to fall victim to fraudulent activities.

Criminals often exploit businesses by purchasing low-value items with higher denomination counterfeit notes, such as £20 or £50.

FSB's research underscores that cash remains the primary payment method for a quarter of small high street businesses' customers. In response, FSB plans to leverage its platform as a strategic partner to raise awareness among its small business members about the risks associated with counterfeit currency.

Martin McTague, FSB national chair, said:

"The Bank of England Banknote Checking Scheme is free for businesses to join and offers them training materials so staff can confidently check notes at point-of-sale and know what to do with a counterfeit note, alongside staying up to date with best practice and banknote developments."

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