MONTREAL - The Retail Council of Canada is raising concerns over a dramatic rise in counterfeit $20, $50, and $100 bills that has emerged since November. The association has identified more fake currency in just one month than the total recorded in the previous year. This alarming escalation highlights the sophistication of counterfeiters, with methods that have advanced to a point where distinguishing fake bills from real ones has become exceedingly difficult, even for those trained to spot them.
Michel Rochette, president of the Retail Council of Canada's Quebec division, states that the counterfeit banknotes are disturbingly credible. He notes, "You can't tell them apart from the real thing. The hologram is really well done." Rochette emphasizes that this situation reflects the growing organization and structure within criminal operations involved in counterfeiting.
The timing of this counterfeit surge is particularly concerning, as it coincides with the Christmas shopping season. Rochette points out that during this busy period, the volume of consumers shopping makes it challenging for retailers and cashiers to detect any fraudulent transactions. "Stores are very busy; it's the most important time of the year. With so many people shopping at the same time, it's more difficult to tell the difference and notice if something is wrong," he explains.
Although Rochette acknowledges the increase in counterfeiting, he admits that quantifying the scale of the issue is complex. He mentions the significant concern, noting that even the Quebec provincial police have taken steps to alert the public by distributing warning posters in various locations.
Rochette urges both consumers and merchants to be vigilant in monitoring currency exchanges and encourages governmental authorities to provide law enforcement agencies with additional resources to combat counterfeiting. He states, "We are asking the federal and provincial governments to show some teeth." This plea underscores the urgency of addressing this escalating issue, asserting that neglect will only exacerbate the situation.
Furthermore, Rochette has expressed appreciation for the Carney government's recent decision to expand the powers of the Royal Canadian Mounted Police (RCMP) aimed at tackling organized crime that impacts the retail industry. He believes this move will provide needed support, but emphasizes that at the provincial level, it is critical for the government to allocate more resources to police forces for effective investigation and proactive measures in combating counterfeiting.
Recent national statistics reveal that theft and fraud-related losses in businesses reach a staggering total of $9 billion each year. This significant financial impact further illustrates the need for stronger preventive measures against counterfeit currency and related criminal activities.
