Friday, 17 July 2009
A History of Battling Payment Fraud
On Wednesday I popped into The Manchester Museum, and as I strolled into the “Money" collection of exhibits, I was greeted by a bunch of friendly guys sat behind a desk. The desk had various old coins laid out and a sign stating “Please DO Touch”. After a couple of minutes of weighing up and flipping various 2,000+ year ancient Alexander the Great and Roman coins, naturally me being me I started chatting about the fraud aspects, when one of the guys produced a Chinese bank note from the 14th century, which was safely housed in a protective plastic cover. This particular note happens to be one of the oldest surviving banks notes in existence. Now the Chinese invented and started using paper money around 960 following a metal shortage, without copper, silver and gold they couldn’t meet the demand to make coins, although there is evidence of cruder forms of paper money being made by Chinese centuries earlier, but these weren't widely adopted. The construction of the Great Wall of China was financed by printing paper money, which has echoes of our approach to resolving the current financial crisis.
Modern Bank notes has plenty of anti-counterfeit protection