Travel Safety Ecuador

October 12, 2009

COUNTERFEIT CURRENCY NOTES CONTINUE TO CIRCULATE IN CUENCA

If you live in or are visiting Cuenca be on alert that large amounts of counterfeit currency is still circulating per El Tiempo. Previous reports reveal that Peru is a major manufacturer of counterfeit bills.  However, many criminals have become very skilled at altering certain denominations to appear to be a larger amount. Here is a quick primer to try to avoid this scam.

• Many of the counterfeit bills are in one, two, and five dollar denominations.
• The two dollar bill in the United States is very rare and is about one percent of the bills in circulation.
• Skilled counterfeiters can alter a bill to look like a 1=10, 2= 20, 5=50, 10=100.
• Many counterfeit bills are so well done by sophisticated equipment that markers and electronic systems designed to detect them are not affective.
• Paper currency is composed of 25% linen and 75% cotton which makes it resistant to folds and creases as compared to the false item.
• A true bill will be able to be folded about 4,000 times before it breaks. Fakes don't fold as well.
• A true bill has clear lines and high relief. False bills will have a topography that is rough in irregular.
• Except for $1 and $2 dollar denominations there is a security thread which you can see if you hold it to the light.
• The watermark image has an identical portrait that is on the bill and can be seen on both sides of the bill when held against the light.
• Make sure that the number on the bill matches the written description of the denomination. For example - a bill that is a $50 note will also state in writing fifty dollars
• Portraits on bills are as follows: $1 = George Washington, $2 = Thomas Jefferson, $5 = Abraham Lincoln, $10 = Alexander Hamilton, $20 = Andrew Jackson, $50 = Ulysses Grant, and $100 = Benjamin Franklin
• Bills have separate serial numbers. Identical serial numbers are an indication the bills are counterfeit.
• Make sure you don't accept money which has been altered by writing in any form on the bill, torn, or damaged. Once you have done so you will have great difficulty finding any merchant that would accept them.
• Don't let any merchant or hotel give you $50 or $100 notes as again you will have difficulty finding anyone that will accept them. There is a saying in Ecuador "that a man in Ecuador with a $100 bill, is a man with no money. There are even instances when banks will not accept them. They usually can be received by the Central Bank of Ecuador.
• It has been reported that some ATM's have dispensed counterfeit bills.
• Always try to request change in the smallest denominations as possible.
• Don't be offended by merchants that inspect the money you have paid for your items or services with. This is a very serious problem.
• When going to Ecuador make sure not to take $50 or $100 denominations.
• Make sure any money you take with you is clean and not torn. It is wise before you go on your trip to visit your bank and request new or at least clean bills. Explain you are going to Ecuador and that counterfeiting is a real problem and that vendors are very particular about what bills they will accept.
• Remember no one in Ecuador ever has enough change.
• Recommend not to accept any two dollar bills. Since they are so rare there may be a high probability they are counterfeit.
• Be alert, be astute, don't be taken.

(ECUADORRAVELADVISORY.COM)