Currently, there is $300 million in fraudulent money floating throughout the US. As we all know there are many security features that are utilized to try to minimize the use of this fraudulent money. Has that stopped criminal intent of finding new ways to improve these fake bills?
Of course not.
Specific security features such as red fibers and thread, blacklight-reactive threads, and specially placed watermarks can determine the authenticity of the American dollar. These security features are easily recognizable to the FBI when collected but things becoming more difficult when we try to have a high school grocery clerk or local gas station attendant identify counterfeit bills.
Thieves continue to use new improved ways to make counterfeit currency, whether with ink jet printers, color toners, color shifting, or reprinting on actual bills, changing $5s to $50s. How do we control these bills from circulating in the US? The problem has the potential to cost US businesses a great deal of money as if the business accepts the currency and provides it to local law enforcement they are not reimbursed for their loss. Automation solutions do exist to determine the authenticity of these counterfeit bills. While they won’t always be caught with an iodine counterfeit pen, they can be caught with technology available at banks.
Extract isn’t going to print over any of your currency, but we can cover up things like personal information that are in your records filed online. The process is automated through innovative software that provides near perfect accuracy when used with verifiers. The software utilizes machine learning, a form of artificial intelligence, so it continues to improve redaction and indexing of relevant data that flows through government agencies. Whether it’s illicitly creating money or using personal information to obtain money, citizens and governments alike need to be on the lookout for these predators.
Our goal is to protect personal identifiable information in conjunction with these government agencies. To learn more about how Extract Systems can help protect data from being used to defraud, reach out to us today.
About the Author: Shane Dickson
Shane is the Regional Business Development Manager at Extract with more than 13 years of experience in the healthcare marketplace. His healthcare background includes managed care, regulatory guidelines, quality analytics, and EMR software solutions in a number of modalities. He earned a Bachelor’s degree from St. Norbert College while playing DIII collegiate hockey. Shane takes pride in listening to customers workflow issues to provide sound software solutions long-term.