We define Currency Forgery as generation of fake paper bills or coins without any genuine authorization of the government or state. Manufacturing or utilizing the forged currency is a fraud.
History of Currency Forgery:
The history of counterfeit money goes back to the time when the idea of money introduced. In the stone ages, when paper money not introduced, currency forgery involved mixing of impure and cheap metals with pure gold or silver. Superdollars have been introduced in the market which are very similar to real US dollars. US authorities have accused North Korea for the introduction of these forged superdollars in the market. Counterfeiting in Euro coins and banknotes have also been growing very fast after the launch of Euros in year 2002. The basic motivation behind the currency forgery is to make a lot of money. Other lethal motivations may include destabilizing and destroying the economy of a nation. Another dangerous motivation can be of terrorism by injecting the hard-to-detect currency forgery in the black market
Treasury Department Wants Smart Currency to Combat Counterfeiting:
The U.S money of things to come may have shrouded, machine-lucid innovation inserted directly into the bills. With an end goal to forestall duplicating. The Treasury Department Bureau of Engraving and Printing put out a demand for data looking for at no another time seen thought for meshing innovation into bills that could then peruse by exceptional machines, confirming the bill’s legitimacy.
The arrangement can either “be consolidated into the banknote or connected to the note,” yet should meet four prerequisites
Hard to find on a banknote even by topic specialists.
Hard to clarify the usefulness or location system of the element.
Intelligible by an exceptionally separating independent discovery framework.Impervious to reproduction or duplication, both as far as material and reaction.
The ask for gives little direction on the kind of advancements that Treasury searching for, for example, conceal standardized tags, RFID or another embeddable IT. In any case, proposed arrangements must be “novel and not economically accessible” but rather proposed arrangements must be “novel and not economically accessible” but rather additionally should lab tried, with models accessible for Treasury authorities to assess.
“Innovations as well as materials submitted for thought checked for natural and relative viability as a security highlight, and might be additionally surveyed for similarity with structure and generation factors, solidness, ecological worthiness and other preparing prerequisites,” the RFI states.
Sellers with a plan pitch can send their models and a specialized depiction of the item to the authority for an underlying screening. The FRI likewise does not unveil how universal the distinguishing machines will be e.g., if assistants at the corner store will utilize them like fake locator pens or whether all groups will have the innovation.
Fake Money Coursing in Decatur:
Decatur, Ala, Officials detailed a spike in fake money in Decatur.
As per Decatur Police, the fake bills have “reproduction” and Chinese images on them. Shippers and inhabitants are asked to give careful consideration to the cash they get and to contact Decatur Police at (256) 341-4660 in the event that they find any fake money.
Work done on Detecting Currency Forgery:
My research papers have provided different methodologies to detect the forgery in currency.
Both hardware and software components used to detect and keep the forgery to a minimum level. In a paper by Hinwood in 2006 proposed a method of using pattern recognition techniques and light transmission to identify the worth of banknotes. In another proposed
approach, the bill notes are segmented into various regions and by employing a classifier on very segmented region forgery can be detected. Work has also been done in neural networks techniques and genetic algorithms to detect the counterfeiting in currency.
Involvement of money in all domain of currency forgery which is it’s main application. Some specific domains are mentioned below.
Applications of Currency Forgery:
- Forgery of currency in Banking System
- The Forgery of coins in ancient coin collections
- Forgery in money transferring from one currency to other