Counterfeit currency is defined as an imitation currency produced without the legal sanction of the government; and someone is passing it around our area again.
With Canadian bills being a polymer plastic, it can be very difficult to obtain a counterfeit. But there are still paperback Canadian bills in circulation.
"From a counterfeit activities standpoint, they go in cycles; they go around communities," advises Jim Chisholm, VP of Chinook Financial "In the experience that I have seen in my 35 years, they come in waves and cycles where communities are impacted. These individualstarget communities where they believe complacency has set in for sound business practices in identifying counterfeit bills"
On March 8, Hanna RCMP had an issue with a counterfeit American $20 bill. A man described as a 6 foot white male with a black hat and sunglasses made a purchase at a gas station in Hanna. He inquired about buying phone cards and gifts cards, a common practice for counterfeiters, which gives the fake money real value.
"He had gone into a local business and passed on a poor quality $20 American bill," reported Cpl. Trent Sperlie of the Hanna RCMP. "The employee at the gas station called us right away and as soon as we got there, we confirmed that it was counterfeit."
He says It effects Canadians in a multitude of ways: for example, if you are in possession of a counterfeit bill, knowingly or not, you will not receive a reimbursement.
Bills make up 40 per cent of all annual transactions made by Canadians each year. In 2007 The Bank of Canada reported that $141,502 was counterfeit. After our bills went from paper to polymer in 2011, a decrease of 73% in counterfeit bills was reported in 2016.