Tellermate Group, the provider of cash management solutions, has unveiled a new counterfeit note detector, PoundMate, the latest model in its range of cash management solutions.
Banknote counterfeiting is on the increase with 325,000 forged banknotes worth over £6m withdrawn from circulation last year. Counterfeit banknotes are confiscated and are not reimbursed by the bank.
Tellermate says usually the check for counterfeits is in the back office when preparing cash for banking, but by then the loss has already been incurred. In order to tackle the problem at the point-of-sale, Tellermate has introduced PoundMate.
PoundMate is able not only to detect the presence of the security thread in Sterling notes but also to decipher the unique magnetic code embedded in the thread.
Cashiers simply pass notes through PoundMate, which tests quickly and displays the note’s value. A green light and audio signal confirm the authenticity of banknotes, while a red light and audio alarm signal alert cashiers to suspect notes. PoundMate is also fully Euro compliant and can be used with both currencies now or in the future.