Chkfake launches app to check fake currency notes worldwide

ANI | Updated: Jan 17, 2018 16:22 IST

New Delhi [India], Jan 17 (ANI): Chkfake Brand Protection Solutions on Wednesday announced the launch of 'Chkfake'- a unique global platform which allows users to check authenticity of currency notes of any major currency globally.

With a vision to build a world free from counterfeits, Chkfake aims at benefiting all stakeholders from consumers to businesses to governments.

"Chkfake is an online platform that allows anyone to check for authenticity of any major currency across globe. Available as an app on iOS and Android, it can be downloaded free of charge. The fastest growing industry worldwide is counterfeiting. Counterfeit value worldwide is estimated at USD 1.7 trillion, making it the 10th largest economy globally! Currency notes of all major economies are constantly being targeted by counterfeiters. Chkfake is the single point destination to detect fake currency and can be accessed 24X7 from any location via your Smartphone," said director and co-founder, Chkfake, Tanmay Jaswal.

Counterfeit currency notes are circulated across the world and are printed with high precision which can dupe an ordinary consumer. However, most major currencies carry some high security features which are very difficult to copy. It is important for consumers to know what these features are so that they can detect fake currency notes and protect themselves.

If fake currency notes are not detected, it can have serious repercussions for the affected economy. Some of the commonly counterfeited currencies include U.K. Pounds, US Dollars, Euros, Indian Rupees and Chinese Yuan.

"We have heard horror stories of international travelers being saddled with fake currency notes and then getting into trouble in a foreign land. Chkfake app can help travelers detect fake currency notes thereby protecting them against this fraud," added Jaswal.

The Government of India demonetized Rs. 500 and Rs. 1,000 rupee notes in the country in November 2016.However, there have been news reports of counterfeits of the new Rs. 2000 and Rs. 500 notes being detected and seized.

With the help of Chkfake, one can verify the authenticity of the new notes as well as older designs of Indian Rupees anytime and anywhere by simply downloading the Chkfake app from Google Play Store and Apple Store. Chkfake can also be used to train key stakeholders/customers, enforcement authorities, employees or people dealing with a lot of cash on how to check for authenticity of currency notes.

Chkfake is expected to have a rapid growth in deployment in the fight against -counterfeiting due to increasing apprehension of counterfeits in general, as well as the simplicity of having a single-point destination to verify authenticity of any currency. With Chkfake, one can be relaxed as far as fake currency is concerned and be smarter about checking currency notes before accepting them. (ANI)