Whilst counterfeiting has substantially reduced since 2019, businesses that accept counterfeits can be repeatedly targeted, with £20 banknotes being the most counterfeited denomination.
The Institute has become a partner to help ensure its members and wider hospitality family don’t fall victim to counterfeit banknotes.
Sarah John, Chief Cashier and Executive Director of Banking said: “I am delighted that the Institute of Hospitality has become a Strategic Partner of the Banknote Checking Scheme. I look forward to working together to promote banknote checking in order to prevent counterfeit notes being accepted.”
As the Institute’s CEO Robert Richardson FIH MI confirmed: “With cash still a prominent payment method across the hospitality sector, it is vital that we protect our membership and their businesses wherever possible.
“The latest resources from the Banknote Checking Scheme are available through our website. If we can help raise the profile of counterfeit notes and how to spot them, we hope this will help protect our members and their businesses from falling victim to this awful crime.”
Businesses can join the free Banknote Checking Scheme which includes staff training resources, and a regular newsletter on best practices and counterfeit news and you’ll get a point of contact at the Bank of England for any banknote enquiries you may have.
For a handy guide on how to spot counterfeit banknotes, please follow the link below.
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