18 March 2014 – Commenting on news that the existing £1 coin is to be replaced with one modelled on the 12-sided former three-penny bit, Hitesh Patel, UK Forensic Partner, says: “Changing the Pound is a welcome move that should go some way towards stopping counterfeiters from coining it in. After all, the reality is that, in today’s digital age, most people are cautious enough to regularly change passwords so a similar approach with our finances makes perfect sense."
“With around 45 million fake £1 coins in circulation, the Treasury faces a constant battle against increasingly sophisticated criminals. It’s not easy to stay ahead of them, but today’s announcement is the latest clear signal of intent that fraud and counterfeiting will not be tolerated."
“The danger now, though, is that there is a risk of counterfeit currency flooding the market as fraudsters seek to dispose of their coins whilst the current Pound remains legal tender, and also create more counterfeit coins while they have the means to do so. It means that consumers and businesses, alike, must be particularly vigilant. Yet, at the same time, their focus must not be diverted entirely towards the Pound in their pocket; the digital age means that just as much vigilance must be paid to online transactions and payments in different currencies.”
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Chancellor’s Budget 2014
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