Making money

The governors of the G10 central banks have established a working party, Special Studies Group 2 – International Counterfeit Deterrence System, to examine means of combating PC-based counterfeiting of banknotes. The move is a response to the increased threat to currency integrity posed by inexpensive access to high quality digital imaging technology. The working group, which is building on research conducted by international experts over the last few years, is seeking support from the banking industry. It is also liaising with hardware and software companies in a bid to secure acceptance in the IT sector of a technology which will, according to a BIS spokeswoman, “interfere with the unauthorised reproduction of banknotes.” The BIS would not provide details of the new approach but it did say that it would feature layers of deterrence and that a PC user who attempts to copy a note would be “referred to a website”. The central banks are also considering extending the project to include all reprographic devices.