Cyber Security firm, E-crime Bureau has charged the over 200,000 mobile money agents across the country and businesses to invest in tools and systems such as money counting machines to detect fake currencies being introduced into the system by unscrupulous characters.

Earlier this month National Security busted a 13-member gang involved in the printing and distribution of fake currency notes in a warehouse close to the Kotoka International Airport.

Currency counterfeiting is a crime that continuously poses a threat to a country’s economy and is a source of financial loss to its citizens.

Some of the ill-effects that counterfeit money has on society are a reduction in the value of real money; and an increase in the prices of goods and services  due to more money getting circulated in the economy.

Speaking to Citi Business News on the phenomena of fake currencies in Ghana, the Head of Technical Operations at E-Crime Bureau, Eric Kwaku Mensah called on handlers of huge amounts of money to take steps to ensure they are not duped.

“These criminals are smart but with vigilance and the right systems they can be stopped. For mobile money vendors, who I know receive huge amounts of cash in their line of work, they need to consider purchasing a counting machine that can detect fake currencies. This will go a long way to protect you.”

While advocating for investment in machines for the detection of fake currencies, Eric Kwaku Mensah also called for the training of staff of financial institutions to detect same.

“For financial institutions, in particular, there should be systems to flag such fake currencies in place. Companies should consider buying state of the art regularly maintained counting machines. UV lights and magnifiers are also important. Another key consideration in the detection of fake currencies will be the training of staff on the subject matter.”

Source: Citibusinessnews

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