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Business News of Friday, 21 May 2021


Invest in security systems, tools to avert fake currency circulation – E-Crime Bureau

File photo of Ghana Cedi NoteS File photo of Ghana Cedi NoteS

• Mobile money agents have been urged to adopt tools to aid them to detect fake currencies

• The move according to the E-Crime below will avert fake currencies from circulating

• Eric Kweku Mensah called for an intensified education in detecting fake currencies among financial institutions

Head of Technical Operations at E-Crime Bureau, Eric Kwaku has underscored the need for mobile money agents to invest in security systems and tools that can detect fake currencies.

According to him, the move is necessary to help avert criminals from circulating fake currencies onto the money market.

Eric Mensah in an interaction with Citi Business News monitored by GhanaWeb urged mobile money agents to take these immediate steps for them not to be 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,” he pointed.

The Head of Technical Operations at the Bureau urged for an intensified education among financial institutions and the general public in detecting fake currencies.

“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,” Eric Mensah noted.

His comments after the National Security earlier in May this year arrested a 13-member syndicate involved in printing and distribution of fake currency notes.

The syndicate, according to the National Security were busted at a warehouse close to the Kotoka International Airport.