(FinancialHealth.net) – US Customs and Border Protection (CBP) officials say they’ve seized $900,000 in counterfeit $1 bills. The announcement is good news to thousands of people and businesses that could have been harmed if the cargo had made its way into circulation.
CBP found the money at the International Falls Port of Entry in Minnesota late last year in a rail shipment from China. The agency announced its discovery on Twitter:
ICYMI: CBP officers discovered $900,000 in counterfeit US currency in a commercial rail shipment in International Falls, MN. The counterfeit currency was seized and will be turned over to @SecretService. Details: https://t.co/2xX7nd34Xx pic.twitter.com/eCi8WjN1so
— CBP (@CBP) January 28, 2020
What makes it notable is not that officials found counterfeit cash; it’s the size of the bills. One-dollar notes are almost never counterfeited. It’s so rare the annual Financial Services and General Government Appropriations Act doesn’t allow single dollars to be redesigned.
The damage counterfeit money causes is widespread. For example, the Association of Certified Fraud Examiners found local businesses with less than 100 employees in Texas lose an average of $155,000 annually. Brevard County, Florida businesses lose thousands each week, and it’s crippling. This is the story all over America, and none of that money is reimbursed by banks.
The CBP’s seizure is a relief, but you can’t expect the agency to catch them all. Millions of dollars in fake bills circulate every year. Your vigilance is the only thing that will protect you. Make sure to check that money looks and feels right before you accept it and never try to spend a bill that doesn’t seem right.
~Here’s to Your Financial Health!
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