Mernat Mafirakurewa, AfricaNews reporter in Johannesburg, South Africa
South African businesses warned to be on high alert for fake notes during the 2010 FIFA World Cup. Kalyani Pillay, Chief Executive Officer of the South African Banking Risk Information Centre (Sabric) said there are high chances of an influx of counterfeit notes during the one month long event.
As the global event draws near, Sabric and the South African Police Service have set up an inter-bank foreign exchange and counterfeit currency work group to deal with such challenges.
"Counterfeit notes pose significant strategic and operational risks for the South African Reserve Bank (Sarb) and the public," said Clive Crompton of the SA Reserve Bank.
Some retailers have begun to put in place ultra-violet lights in an attempt to identify dye-stained or fake currency while security companies have put in place defensive mechanisms that allow notes in their possession to be stained.
Pillay said the industry was taking seriously the potential threat of the increased illegal circulation of counterfeit currency. “In the long term, failure to take decisive action to combat currency counterfeiting can lead to the erosion of public confidence in the SA currency, resulting in Sarb being exposed to reputational risk," Pillay said
It seems the counterfeits are not limited to notes only but fake coins have already been discovered on the market, AfricaNews reporter said. A small cash retailer recently told Fin24.com she had taken in over R200 in counterfeit R5 coins over the last three months.
"The loss resulting from a single R200 counterfeit note can be substantial for an individual on a fixed income or for a small retailer with limited revenue," said Crompton.
South African businesses warned to be on high alert for fake notes during the 2010 FIFA World Cup. Kalyani Pillay, Chief Executive Officer of the South African Banking Risk Information Centre (Sabric) said there are high chances of an influx of counterfeit notes during the one month long event.
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