Maple Ridge RCMP are warning businesses and residents to be on the lookout for counterfeit currency after seeing a recent increase in reports involving fake bank notes.

Police say they have received at least eight reports of counterfeit $50 and $100 bills being used at several businesses throughout the city.

According to RCMP, most affected businesses were able to identify the fraudulent bills and report them to police. However, some businesses accepted the counterfeit currency and suffered financial losses as a result.

RCMP are reminding the public that knowingly possessing or using counterfeit money is a criminal offence. Police also note that businesses that accept counterfeit bills will not be reimbursed for their losses.

“We want the public to be aware of this recent fraud trend so that they can take the necessary steps to protect themselves,” said Maple Ridge RCMP Frontline Sgt. Daniel Rettenbacher.

Police are encouraging local business owners to ensure employees are familiar with the security features found on Canadian bank notes and are trained to identify counterfeit currency. Businesses should also have clear procedures in place for handling cash transactions.

Customers are likewise being urged to exercise caution and verify bank notes when accepting or depositing cash.