In most cases, counterfeit notes managed to pass through because the victims were too busy and casual to check their currency notes properly. This is indeed unfortunate and certainly avoidable if we are a bit more vigilant and aware of some security features found in our currency. Our currency notes are designed to protect against any forms of counterfeiting from the most basic to the most sophisticated. However, even the best security features and technology that are available will not help unless members of the public are adequately educated on the basic security characteristics of our currency notes. The security features in our currency notes utilise the latest technology and have stood the test of time. For example, “Intaglio” or raised printing effect, one of the most well-known security element found in almost every currency in the world, have never been featured on any counterfeits generated by colour printers. If only the general public is aware and able to identify of this particular security feature, they should be able to detect ninety nine percent of counterfeits in Malaysia and the world over. Intaglio by no means is the only security feature. There are many more watermark, electrotype numeral, see-through register mark, windowed colour shifting security threads with texts, hologram stripe, gold patch, to name a few, are among the basic security features that we should know on our currency notes. All this features can be easily be verified or authenticated using the “FLTC” method, that is to Feel, Look, Tilt and Check without using sophisticated devices.
Muhammad bin Ibrahim: Malaysia’s “My Ringgit” mobile app and the use of ink staining technology for ATMs Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launching of “My Ringgit” Mobile Application and Ink-Stain Technology, Kuala Lumpur, 11 May 2015. *  *  *  I wish to welcome you to this event, first to launch a mobile app My Ringgit which aims to provide members of public with a tool to obtain information on the security features of our currency; and second to launch an ink staining technology as an innovative solution or approach against any attacks on our ATMs. Malaysia has one the lowest counterfeit rates in the world. Indeed, if compared to developed economies. Malaysia’s counterfeit rate is 2 per million pieces compared to development economies which range between 48 to 100 pieces to a million. Our counterfeit rate is only a fraction of the rate experienced by these countries. Most counterfeits found in circulation in Malaysia were of low quality produced using colour printers without any security features. Empirically no counterfeit notes have ever passed through the sophisticated cash processing machines used by Bank Negara or financial institutions. This is because there is a spectrum of advanced security features embedded in our currency. Nevertheless, from time to time we keep hearing cases that the general public inadvertently receive counterfeit notes in the course of doing business.