3-Fold Increase in Counterfeit Cash

AN ROBERTSON
TORONTO SUN

Canadian crooks churned out $12.7 million in bogus cash in 2003, almost triple that seized by banks and police a year earlier, the Bank of Canada says in its annual report. Banks and police seized 443,000 counterfeit notes in 2003, compared to 208,000 phony bills worth $4.9 million in 2002.

The $6 million in fakes seized in 2001 ranked second after last year's haul.

Despite the introduction of new currency three years ago -- mostly recently a revamped $100 note on March 17 -- businesses that handle cash must always be on the lookout for fakes, Retail Council of Canada spokesman Pamela Addo said yesterday.

"They really do need to take the time to check their change. It makes more sense with people becoming more sophisticated counterfeiters with modern technology," she said.

And despite fears about accepting $100 bills, the biggest plague of bad bucks last year were $10 and $20 bills.

The increase in fake $10 bills was "particularly high" compared to other dud notes, the report said. Almost $2 million worth were detected