Nationwide Building Society has issued a warning to anyone who uses cash in their daily life. The group pointed out something that you should always check when handling cash.
The group has spoken out after a growing concern was pointed out by an MP who had recently visited their local branch. Dr Luke Evans, MP for Hinckley and Bosworth, went to the Nationwide branch in Earl Shilton.
Staff told him about a worrying trend they are seeing of fake cash being used. Posting on social media after his visit, Dr Evans said: “One of the concerns they wanted people to be aware of is the amount of counterfeit notes in circulation.”
In light of the warning, Nationwide was asked for a comment about the trend. A Nationwide spokesperson said: “We are aware of a rise in scammers using fake banking notes to pay people for goods and would urge consumers to always check.
“Suspected counterfeits should be reported to the police, and guidance is available on the Bank of England website.” The group also shared some guidance on how to spot these fake notes.
What are the signs of a counterfeit bank note?
The first telltale sign to look out for is these notes often have a thick plastic sticker covering the hologram, which if you peel off may have these words: ‘for props only’.
Nationwide said another sign a bank note is not the real deal is if some of the UV numbers can easily be scratched off. Genuine bank notes feature a number corresponding to the bank note’s denomination, that will appear under 365nm UV light.
Another tip if you are given a bank note that you are unsure is authentic, is to check features such as the hologram and the colour-shifting inks are all present and correct.
Asked for a comment about his visit, Dr Evans said: “It’s always concerning to hear of scams operating in your area. While anyone can fall victim to a scam, I’m always acutely aware of the impact on some of the more vulnerable people in our communities.
“It’s a reminder to always be alert, especially when interacting with people who are demanding cash, or saying that payment has to be made in a certain way – particularly when buying or selling over social media. At the end of the day, if it sounds too good to be true, it probably is.”
He said the reports of counterfeit cash show how important it is for there to still be in-person bank services in local areas. The Conservative MP said: “This certainly makes a case for face-to-face interactions and dealing with your bank in person. During my visit to Nationwide, I was struck to hear the team talk about the personal relationships they have developed with local customers, and how people would travel from neighbouring cities because they have trust in a specific cashier.”
Nationwide previously pledged to keep every single one of its UK branches until at least 2030. This contrasts with many high street bank services providers who are axing more branches this year.