Be Aware of Counterfeit Bills (2024)

FAQs

Be Aware of Counterfeit Bills? ›

Key Takeaways: Making or using fake money is a serious crime that can get you up to 20 years in jail. Both federal and state laws punish counterfeiting, and fines can be very high. You must know the money is fake to be guilty; if it's an accident, you might not be charged.

Key Takeaways: Making or using fake money is a serious crime that can get you up to 20 years in jail. Both federal and state laws punish counterfeiting, and fines can be very high. You must know the money is fake to be guilty; if it's an accident, you might not be charged.

For $100 bills, you may be used to checking with a marking pen. In addition, a way to verify a legitimate bill is to double check the 100 in the corner of the bill. The color change of copper/green to black on the 100 in the lower right corner will help you verify an authentic $100 bill.

Contact your local police department or United States Secret Service field office. These numbers can be found on the inside front page of your local telephone directory. Write your initials and the date in the white border areas of the suspect note. Limit the handling of the note.

Yes, you can actually be arrested for using counterfeit money, even if you didn't know it was fake. Both the federal government and local state governments impose penalties on an individual for using or attempting to use counterfeit money.

Both the Federal government and local State governments can impose penalties on an individual for using or attempting to use counterfeit money. Under Federal law, if a prosecutor can prove the intent to commit fraud or forgery, an individual can be sentenced up to 20 years of incarceration on top of a hefty fine.

Examine the serial numbers.

Make sure that the serial numbers on a bill match, and look at them carefully. Fake bills may have serial numbers that are not evenly spaced or that are not perfectly aligned in a row. If you received multiple suspicious bills, see if the serial numbers are the same on both bills.

The United States' counterfeit problem is mostly limited to its paper bills, with coin counterfeiters mostly focusing on collectible coins. The $20 bill is the most commonly counterfeited banknote in the U.S., while overseas counterfeiters are more likely to make fake $100 bills.

Simply put, when you mark on real money, there is no chemical reaction, and the mark stays yellow. When you mark on a counterfeit bill, a chemical reaction occurs, and the mark turns dark.

Sadly, there is little immediate relief for the person who ends up with funny money, and who then reports it so as to comply with counterfeit money laws. The government does not replace your money with a genuine bill during an investigation, so your primary options to recoup losses are insurance policies.

Will a bank replace a counterfeit bill? ›

Whether your bank will swap out a bogus bill for a genuine one is up to its discretion.

Financial Institutions: Banks and credit unions may hold the account holder responsible for the counterfeit deposit, potentially leading to frozen accounts, account closure, or even legal action to recover lost funds.

You should not give the counterfeit cash back to the person, the Secret Service warns. The Federal Reserve also recommends taking note of the person who passed the suspected false money, including their license plate and vehicle description.

The latter scans the banknote to detect its denomination, currency and authenticity. Here is how the validation process goes in ATMs: First, the ATM's validator determines the dimensions of the banknote and scans it in different spectrums: visible, magnetic, IR, UV. It allows to verify all major signs of authenticity.

Punishment for federal Counterfeiting can result in felony charges punishable by up to 20 years in federal prison and/or a fine up to $250,000. A judge will determine your sentence based on your conduct, criminal history, and whether restitution needs to be ordered to any victim (and how much, if any!).

You have the legal right to a refund if you've bought something that's fake or counterfeit. You can also report the seller to Trading Standards or report the seller for fraud.

Penalties for Counterfeiting Money

Under federal counterfeiting law, an individual convicted of creating, possessing, or using fake money may face a 20-year sentence in federal prison and a $250,000 fine.

If you are convicted of using, creating, or dealing in counterfeit currency, the penalties can be severe. The federal judge could sentence you to up to 20 years in a federal prison, along with a huge fine up to $250,000.

Federal law makes counterfeiting U.S. currency a felony, punishable by up to 20 years in federal prison. This potential 20-year prison sentence applies to possessing, using, or making counterfeit currency with the intent to defraud.

Report suspected counterfeit currency to your local authorities. Law enforcement agencies, banks and cash processors will submit suspected counterfeit currency to the Secret Service through our USDollars website.