Counterfeiting, fake replica, illegal, evolution of money, production process, government strategies, hot spots, cash, business stages, society
The creation of a fake replica to replace an original form of an object is illegal and referred to as counterfeiting. This action is often perpetrated to take advantage of the monetary gain by exchanging an object of greater quality with something of inferior quality. Counterfeiting has been present all through human history with counterfeits of goods such as money, spare parts, clothes, etc. Van Riper in his article explains counterfeiting of money as the world's second oldest profession (1978). Therefore with particular concentration on counterfeiting money, it can well be established that it began with the introduction of coins in the 4th century.
[...] Retail shops and convenient stores accepting cash provide the perfect hot spots for these activities. Business Process Identify the "business stages" in the process of the activity Explain how they operate from start to finish The operation of counterfeiting money from the counterfeiter's perspective revolves around two major considerations. These include producing the counterfeit notes undetected and getting the notes to the market without a trail leading back. The start of the operation occurs through a secure location where the manufacturing plant will be based. [...]
[...] Who it specifically affects Counterfeiting affects society at large and more specifically the public, businesses and the government. In the case of ordinary citizens, counterfeiting affects them during the period when the detection of fake currency is made. At this point, the individual losses the value in goods and services for which they would have exchanged with the note. Similarly, legitimate businesses incur great losses in cases where they are found in possession of counterfeit notes which have no monetary value (Chant, 2004). [...]
[...] However, more needs to be done specifically in terms of public awareness because the greatest losers are those who are not aware they have fake currency with them. To reduce this activity, retailers and ordinary citizens are supposed to be taught how they could easily differentiate between a fake note and a real one. Additionally, this can be reinforced by encouraging the acquisition of fake money detectors for businesses and retailers because they are at the highest risk of losses by accumulating fake currency. References Bank of Canada. (2020). Statistics pertaining to counterfeit Canadian bank notes (formerly B4). [...]
[...] However, the difference between these comes through marketing and distribution. For the shoe manufacturer, open advertising through media is applicable to generate sales. However, for the illegal counterfeiter, back channels of crime networks are needed to acquire buyers. Government Response Identify current government strategies to combat this activity (NOT legislation - that should have been addressed in section Counterfeiting in Canada has been a menace, to put this into perspective, the Canadian currency has by far been the most counterfeited of the currencies in the G20 group. [...]
[...] In its early stages, counterfeiting coins involved shaving the edges of original coins and mixing different metals. Over the years, these methods evolved with the introduction of paper money. In the present era, the counterfeiting of money has evolved to include the use of sophisticated machinery such as inkjets, laser printers and meticulous engineering to produce an almost identical currency note. Why it has evolved The evolution of counterfeiting has been encouraged by the convenience presented in the process. This has been promoted by the continued study of the security features intended to curtail counterfeiting and also the easy availability of resources for the production process. [...]
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