What to do if I take or get offered a counterfeit banknote

Image credit: Bank of England

It helps to have a clear policy on what you will do if you receive a counterfeit note. This can prevent financial loss to your business and keep you safe.

The Bank of England have produced handy step-by-step advice detailing the best practice to follow.

First off, has the counterfeit note been discovered after the customer has left?

If yes, take it to your bank as a suspect counterfeit note or contact the police.

If the customer is still there in person, you’ve got a decision to make depending on how at risk you feel.

You can simply refuse the note and ask for another form of payment. It’s important to contact the police when it’s safe to do so after.

If you do not feel at risk you are well within your rights to keep the note, provide the customer with a receipt and ask for another form of payment.

Inform the customer that they will be reimbursed if the note is genuine. Contact the police or take the note to your bank as a suspect counterfeit.

Taxi drivers are targets for fake banknotes and it's important to be on guard.