A large number of counterfeit US $50 notes are circulating the Island after being passed at nightclubs in the City of Hamilton. Police yesterday revealed at least 35 fakes have been handed over so far and warned merchants to look out for US $50 notes with the serial number GF50643268A.

Opportunists are said to be taking advantage of the launch of new Bermuda banknotes, with bar staff concentrating so hard on the new Bermuda notes that the counterfeit American ones have flown under the radar. Internet fraud crime known as 'phishing' is also said to be on the rise as people are said to be getting more financially desperate because of the global economic crisis.

Detective Inspector Charlene Thompson, the officer in charge of the Financial Crime Unit, told a press conference yesterday: "With the launch of the new bank notes this means we now have two sets of Bermuda notes in circulation which increases the opportunity for individuals who produce counterfeit notes.

"Therefore merchants need to make their staff aware of the importance of taking a few seconds to examine notes they are taking in, especially the larger denominations. For the first quarter of this year we have seen an increase in the amount of counterfeit currency being passed and phishing scams. One could suggest or guess that these increases are a result of the current economic situation, and individuals are becoming more desperate financially."

Det. Insp. Thompson said Bermuda's new banknotes, which came into circulation on Monday, have security features giving them the highest level of protection. These include:

• a unique oval on the front and strip on the back which look metallic in normal light but form a transparent oval with a map of Bermuda repeated inside when held up to the light;

• watermark and electrotype — a hibiscus flower and a bright sail boat are visible when held up to the light;

• completed images of creatures individual to each denomination appear when the note is held up to the light;

• a rainbow-like band on the $20, $50 and $100 denominations; tilt the note and an image of the denomination numeral will appear.

On phishing scams, Det. Insp. Thompson said people should not give out financial information solicited via e-mails, text messages, faxes or letters – even if it looks like it is coming from a financial institution.

Residents should ignore "anything via those media informing them they have won, inherited, been willed or been given a large quantity of money and they know they have not entered anything to win or they don't have a wealthy relative living in Timbuktu or some other known or unknown parts of the world, ignore them."

"If you are going to use the Internet you should make sure that you have adequate antivirus software, refrain from using Internet cafés especially when travelling overseas and passwords made up using your children's, spouse's, house or pet's names," she said.

"If it sounds too good to be true then it is and an ounce of prevention is better than a pound of cure. "Remember: you don't get something, especially a million dollars or more, for nothing. And what you stand to lose is far greater had you just taken those few seconds to verify or been more careful in giving out your personal information."

People who receive counterfeit notes should call Police immediately and take note of the individual who passed it. If you think someone is trying to con you in an Internet scam, call the Financial Crime Unit on 299-4330, 295-0011 or e-mail fraud@bps.bm.