False notes warning

The Central Bank of Barbados is urging shoppers to be vigilant, but says there’s no need for undue concern about the circulation of counterfeit money.

The bank’s statement comes in the wake of a widely-circulated post on social media which shows four $20 notes with the same serial number.

Deputy Director, Currency at the Central Bank Octavia Gibson confirmed the bank is aware of the post and said the money was fake.

“While we have not examined the notes in question, I am comfortable saying that the notes in the photo are counterfeit because every Barbadian banknote has a unique serial number. If you receive two notes with the same number, that is a red flag, “ she said.

Gibson however noted that there has not be an increase in the number of fake notes but issued a general caution to Barbadians to be vigilant.

“While we have not recorded an uptick in the number of fake notes so far this season, we know that at times of the year when there is an increase in cash in circulation, there can also be an increase in counterfeiting,” said Gibson,  “That is why we issue advisories at Christmas and Crop Over.”

She further stressed that overall incidences of counterfeiting are small but said Barbadians could authenticate their notes by accessing information from the Central Bank’s website and social media pages to learn what to look for.

“Even with periodic increases, the level of counterfeiting in Barbados is quite low. Nevertheless, we know that no one wants to lose out. That is why we make these online resources as well as printed materials available free of cost to persons who want them. We encourage everyone to use them. Learn the security features and then check your money as soon as you receive it.”