Local insurance agency warns other merchants after receiving fake currency that was later identified by a bank.
TABOR CITY, NC — A Tabor City business is urging local merchants to take extra precautions after discovering counterfeit $100 bills had been accepted at its office.
According to Consumers’ Choice Insurance Agency, the business received two counterfeit $100 bills that were later identified as fraudulent by a bank.
The agency shared the information publicly to alert other businesses that counterfeit currency may be circulating in the area.
The company is encouraging business owners and employees who handle cash transactions to carefully inspect larger bills before accepting them.
Counterfeit currency can create a direct financial loss for businesses because banks do not reimburse merchants for fake bills that are deposited.
While counterfeit currency can be associated with criminal activity, financial institutions and law enforcement note that individuals sometimes unknowingly receive counterfeit bills during otherwise legitimate transactions and may be unaware the currency is fraudulent.
Consumers’ Choice Insurance Agency said it decided to share its experience in hopes of helping other businesses avoid similar losses and to raise awareness throughout the local business community.
Business owners are encouraged to train employees on basic counterfeit-detection measures and remain alert when accepting cash payments, particularly high-denomination bills.
Experts advise businesses not to confront or physically detain individuals presenting a suspicious bill, but instead to prioritize employee safety, document relevant details when possible, and contact law enforcement if counterfeit currency is suspected.
No additional information about the source of the counterfeit bills was released.
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