Beware of Counterfeit Notes in Circulation

 (Grand Cayman - Thursday, 4 August 2016) The Cayman Islands Monetary Authority (CIMA) has been made aware by the Financial Crimes Unit (FCU) of the Royal Cayman Islands Police Service that they are in receipt of counterfeit KYD notes, which were collected during the period 12-26 July. 

The denominations in question are the $50 and $100 banknotes, all from the “D” series. The $50 banknotes all bear the same serial number. The FCU is currently investigating the incidents of passing counterfeit currency, and is advising the public to be on the lookout for such counterfeit notes.   

The FCU has requested that, “If you receive a counterfeit note, or suspect one to be counterfeit, we ask that you observe the description of the person passing the note, as well as that of any companions that may accompany them. Do not return the note to the passer if possible. Instead, initial and date the white border of the note, then tag the note with a copy of the transaction receipt and call the police. If you have counterfeit report forms issued by the Financial Crimes Unit, obtain as much information as possible from the person passing the note and write it on the form.” 

All of the banknotes were re-designed in 2010. Some of the aesthetic modifications in the new series and the other visible security features combine to make it relatively easy to tell the difference between Cayman Islands legal tender and counterfeit banknotes, if one looks closely. These features include a colour-shifting holographic stripe, see-through images, a turtle watermark and an iridescent band. 

CIMA advises the public that it is not able to compensate persons who come into possession of counterfeit notes. This makes it even more important for the public to be vigilant when handling currency notes.  

The RCIPS form for reporting counterfeit money can be found on the CIMA website www.cimoney.com.ky, under “Currency.”   

Anyone who wants further information about how to identify counterfeit currency, or how to spot the real notes from the fake ones should contact the CIMA at 244-1694 | 244-1520, or the RCIPS Financial Crimes Unit at 949-8797, to arrange a workshop for their frontline staff.