Surveillance, Counterfeit and Casinos
Video surveillance is the most prominent method of fraud detection within casinos today. However, in cash management activities, video surveillance may not be able to detect fraud as accurately as is needed. Casinos have to be cautious of fraud activity at all levels, whether that is deterring players or employees from engaging in activity that can result in losses for the casino.
Counterfeit note detection is a need in casinos, not a want. The sooner a counterfeit not is detected within the system, the easier it is to trace the note to its source, thereby reducing the risk of loss through fraud. Today’s counterfeit detection tools are sophisticated and comprehensive. These easy to use applications can mean the difference between profit and loss due to fraud.
Counterfeit Detection Matters
It is estimated that a casino loses 5 percent of its revenues each year to fraud. The median loss is $140,000 with one fifth of fraud cases resulting in losses that exceed one million dollars. Failing to implement counterfeit detection systems can easily result in significant losses.
Counterfeit detection systems can catch a note at its point of entry. If notes are not caught at the point of entry, they can become lost. The ability to trace a note at the point of entry is crucial in protecting against loss.
The Right Counterfeit Detection
When choosing the right counterfeit detection systems, it is necessary to evaluate the technology against the level of loss. Casino operators should be aware of how much money is lost due to fraud.
Where technology will be implemented
Casinos will want to place the technology where it will be the most beneficial. Usually, the point at which cash enters the business is also the point at which counterfeit detection will provide the biggest benefit. For example, casinos may choose to implement counterfeit detection at kiosks, slots, and other areas where cash is accepted.
Advanced counterfeit detection capabilities
Today’s counterfeit detection scanners are more sophisticated, offering multiple methods of checking currency. Casino operators should look for detection devices that boast optical ultraviolet, infrared, and fluorescence sensors and magnetic sensors that can scan the width of the bill.
Ability to archive and retrieve information
Most counterfeit detection systems allow for archiving and retrieving records. This is important in locating the area of the casino most at risk for fraud.
Serial Number Capture
Capturing serial numbers is a relatively new technology with lots of promise. The counterfeit detection systems can capture and store serial numbers in order to monitor for fraud. Other uses of the serial numbers include:
- Tracking notes throughout the casino
- Better accountability for Title 31 reporting
- Identifying high risl areas
- linking transactions to the originating party
- Spotting trends in a proactive manner