Gambling fraud and the use of counterfeit banknotes in casinos is still a huge problem in 2020 for many casino establishments in all countries around the globe, particularly in the United States and Asia, such as Macau.
Every year, casinos face a challenge to spot and prevent fraud, which they do so successfully in the majority of cases through the use of experienced ‘spotters’ on the casino floor and CCTV throughout.
However, in the heat of the moment, casino staff can sometimes struggle to detect the use of counterfeit banknotes, particularly in casinos where they allow cash betting on table games where casino chips are not always required.
Cash betting at casino tables is becoming less frequent due to the rise in gambling fraud, but there are still a large number of casinos where players do not need to convert their cash to chips before they bet.
One company that is looking to reduce the number of fraudulent cases in casinos is InventHelp, a technology invention firm that has developed a device that not only provides a more efficient and effective method of detecting counterfeit notes, but is an alternative channel to traditional fraud methods of detection.
Therefore, within the next five years, casino players may see more and more devices being used by casino dealers and croupiers at tables and used by cashier staff at cash to chip conversion stalls.
In addition, the device is designed to provide an increased level of security, accuracy and peace of mind to casino owners so that counterfeit banknotes are detected early and refused.
The inventor of the new counterfeit detection device said:
“I was a blackjack dealer for a major strip casino for over a decade and discovered a need for a counterfeit detection device for dealers at table games. so I invented the Financial Recovery Electronic Device. My design is a casino specific that provides a quick and accurate way to determine the authenticity of a bill.”
According to reports, gambling fraud and counterfeit in the USA occurs more frequently on ten dollar and twenty dollar bills.