IoH partners with BoE to help businesses combat counterfeit notes

The Institute of Hospitality (IoH) has become a strategic partner of the Bank of England’s Banknote Checking Scheme, a free scheme for companies to protect their business from counterfeit banknotes and stay up-to-date on the latest banknote news.

Whilst counterfeiting has substantially reduced since 2019, businesses that accept counterfeits can be repeatedly targeted, with £20 banknotes being the most counterfeited denomination.

The Institute has become a partner to help ensure its members and wider hospitality industry don’t fall victim to counterfeit banknotes.

Businesses can join the free Banknote Checking Scheme which includes staff training resources and a regular newsletter on best practices and counterfeit news.

Robert Richardson FIH MI, IoH CEO, said: “With cash still a prominent payment method across the hospitality sector, it is vital that we protect our membership and their businesses wherever possible.

“The latest resources from the Banknote Checking Scheme are available through our website. If we can help raise the profile of counterfeit notes and how to spot them, we hope this will help protect our members and their businesses from falling victim to this awful crime.”

Sarah John, chief cashier and executive director of Banking, added: “I am delighted that the Institute of Hospitality has become a strategic partner of the Banknote Checking Scheme. I look forward to working together to promote banknote checking in order to prevent counterfeit notes being accepted.”