Banknote security features are evolving and changing. New features are constantly being developed and slowly being incorporated into banknotes. The assumption is that these features make the notes more secure for everyone; but do they? This paper looks at some of the features incorporated in today's banknotes and how (or if) they add security to banknotes processed by low cost banknote readers. The sensing technology used in low cost note readers has changed somewhat in the last few years but the industry is still faced by the cost constraints of a very competitive market. Some of the new note features require high-resolution image capture, complex optical measurements or expensive emission/detection devices. Paper watermarks, digital watermarks, OVI, Holograms, Stokes conversion, IR and magnetic features are examined, as well as the technologies used and the relative cost/benefit developed for these note features.
There is a 64 billion dollar annual unattended cash transaction business in the US with 10 to 20 million daily transactions. Even small problems with the machine readability of banknotes can quickly become a major problem to the machine manufacturer and consumer. Traditional note designs incorporate overt security features for visual validation by the public. Many of these features such as fine line engraving, microprinting and watermarks are unsuitable as machine readable features in low cost note acceptors. Current machine readable features, mostly covert, were designed and implemented with the central banks in mind. These features are only usable by the banks large, high speed currency sorting and validation equipment. New note designs should consider and provide for low cost not acceptors, implementing features developed for inexpensive sensing technologies. Machine readable features are only as good as their consistency. Quality of security features as well as that of the overall printing process must be maintained to ensure reliable and secure operation of note readers. Variations in printing and of the components used to make the note are one of the major causes of poor performance in low cost note acceptors. The involvement of machine manufacturers in new currency designs will aid note producers in the design of a note that is machine friendly, helping to secure the acceptance of the note by the public as well as acting asa deterrent to fraud.
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