9 January 2024

The National Hair & Beauty Federation (NHBF) has recently become a Strategic Partner of the Banknote Checking Scheme. This partnership aims to empower NHBF Members to safeguard themselves against the potential financial loss and reputational damage caused by counterfeit banknotes. According to the Bank of England, some 73,000 counterfeit Bank of England banknotes with a nominal face value of £1.5 million were taken out of circulation in 2023.

The Banknote Checking Scheme is a free initiative, in collaboration with the Bank of England, that provides the latest and most efficient practices for verifying banknotes and staying up-to-date with the current counterfeit banknote threats.

By joining the scheme, businesses in the hair, beauty and barbering sector can make the most of this opportunity to equip themselves with the necessary knowledge and tools to prevent any financial losses due to fraudulent banknotes.

Being part of this scheme ensures that salons and barbershops receive prompt updates on any crucial banknote-related news from the Bank of England.

Sam Turner-Meyern, Digital Marketing Director at the NHBF says: ‘This is a great tool for salons to have access to, as the stats shows, it’s small businesses that are the target for counterfeit bank notes. This has a massive impact on profit margins, local criminal activity and causes unnecessary distress. We hope that having this information to hand will help to decrease the circulation of counterfeit notes and prevent fraudulent activities.’

Sarah John, Chief Cashier and Executive Director Banking at the Bank of England said: “I am delighted that the NHBF has joined the Banknote Checking Scheme as a Strategic Partner. The Bank of England is looking forward to working together to help reduce the number of counterfeit notes being accepted and to protect their Members from this type of financial loss.”

Here are some reasons why you should join the Scheme:

  1. The Scheme sends you a welcome pack containing all their staff training materials on banknote checking and what to do if you receive a counterfeit note. You can also request window stickers and physical copies of the training materials.
  2. You will be supporting your community by helping to reduce the spread of counterfeit banknotes in your area and stopping criminals from using the proceeds of counterfeiting to fund other serious criminal activities.
  3. You will receive a regular newsletter on banknote updates, such as updates on the King Charles III banknotes which are expected to be issued in mid-2024. The newsletters also contain best practice advice and counterfeit news.
  4. You get a contact at the Bank of England for any counterfeiting or other banknote enquiries.

You can join the Scheme by clicking this link: Banknote Checking Scheme - sign-up form.