The building society said there is a growing problem
Nationwide Building Society has issued an alert to anyone who handles cash regularly. The organisation has highlighted something you should always verify when dealing with banknotes.
The society has issued a statement after an MP flagged a growing issue during a recent branch visit. Dr Luke Evans, MP for Hinckley and Bosworth, visited the Nationwide branch in Earl Shilton. Staff informed him about a troubling pattern they have noticed of counterfeit cash being circulated. Writing on social media following his visit, Dr Evans said: “One of the concerns they wanted people to be aware of is the amount of counterfeit notes in circulation.”
Following the word of warning from the MP, Nationwide was approached for comment on 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 society also provided guidance on how to identify these fraudulent notes.
How can you identify a counterfeit banknote?
The first obvious indicator to watch for is these bogus notes will often have a thick plastic sticker covering the hologram, which when peeled off may reveal these words: ‘for props only’. Nationwide said that another indicator a banknote is counterfeit is if some of the UV numbers can be easily scratched away.
Authentic banknotes feature a number matching the note’s denomination, which appears under 365nm UV light. Another practical tip, if you receive a banknote you suspect might be fake, is to check that features such as the hologram and colour-shifting inks are all present and correct.
When asked to comment on this visit to the Nationwide branch, 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.”
The importance of in-person services
He said that reports of fake currency are a reminder of how vital it is for in-person banking services to remain available in local communities. 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 has previously committed to maintaining all of its UK branches until at least 2030.
This is in stark contrast to many high street banking service providers, with many big name banks planning further branch closures this year.
