GB2450378A

GB2450378A - Magnetic strip for money

Info

Publication number: GB2450378A
Application number: GB0712230A
Authority: GB
Inventors: Huzeifa Firozhussein Anjary
Original assignee: Individual
Current assignee: Individual
Priority date: 2007-06-23
Filing date: 2007-06-23
Publication date: 2008-12-24
Also published as: GB0712230D0

Abstract

The invention entails using a magnetic strip on bank notes and other financial instruments. The strip holds data relating to information specific to that bank note itself i.e. which bank the note last came out of, where the note was intended to go, even the name of its holder. This invention also entails special money readers which would be used to place data securely on the magnetic strip as well as have authority and access in changing any information on it in addition to reading the information on it.

Description

I

Description

The magnetic information strip for money Paper money and its setbacks: Root of all evil. Paper money has been by far the most popular way unscrupulous people can use monetary means for their use and their business. For a long time, money laundering and drug smugglings has been fuelled by the anonymity of the bank note itself. The only part of a bank note that is unique to itself in its denomination is the serial number printed on it. However very rarely is the number checked up on any device when you use it to purchase goods. After all you assume it to be from good source. In practise however the serial number is never checked only the note is physically checked to see if it is original. This is why the currency holds good in the hands of criminals as although it has come from an illegal source the note is still original and will hold its value.

A typical day for a bank note may go something like this: The note starts its journey at an ATM machine where someone withdrew the bank note. It is then taken to a shop and a purchase of a cup of tea and biscuits is made using the note. The bank note was then given in change to another customer of the café. At this point whilst the customer was going home, he was robbed and the money taken from him.

The robber later used this money to buy some drugs on the street where the note ended up in the hands of a gang who paid cash for a consignment of furniture in an attempt to make their business look genuine, (commonly known as money laundering). However the person taking the money from the ATM had initially used a stolen card to make the withdrawal in the first place. How will any of these people be caught? The answer is the magnetic strip on the bank note.

Whilst the use of the Magnetic Strip is not to stop the freedom of movement of cash associated with paper money, it is used to track its movement.

A sure way to stop such crime and to further strengthen the economy is by the use of a magnetic strip placed on the bank note containing key information as to where it has last come from and other data. A magnetic strip on every bank note that is printed by the mint for any country will place an enormous hindrance on the use of money for the wrong means.

Since each bank note will become individual and recognisable it is easy to track those notes which have (a) either been stolen (b) have come from bank accounts which are under investigation (c) May have been used to finance drug smuggling or illegal use in the past. Looking at the above scenario it is not hard to imagine that if similar circumstances were happening in similar repeated scenarios then a pattern will emerge. The pattern is this: At any point cash money will end up being deposited in a bank. At this point although the note will be allowed to circulate, a a group of accounts will keep bleeping on the system as having money deposited into it, where the money was not from a legitimate source.

These accounts and account holders can then easily be investigated and proof would exist to initiate a prosecution. It may be possible that this blood money' may be ending up in the hands of innocent people, however a distinct repeating money trail can and will be seen emerging from most of these deposits, hence filtering off the few who are innocent.

A large deposit or even many small deposits into a bank account where the money can be seen to have come from stolen source can then be investigated once the pattern is realised.

The same mechanism above can be used to secure the benefit system as well and stop people committing benefit fraud.

Cash money now has an identity, this identity which can almost be seen as a DNA' in a family tree has information imprinted on the strip that says where it has come from. The roots of these evils can now be traced.

Claims

Claims: I. A magnetic strip placed on paper money bills or any other

monetary instrument and or notes holding information such as the denomination amount, its registered number, the last place it was issued from, the name of the holder, its' intended destination and other information.
2. A magnetic strip according to Claim I, which can be read by a magnetic strip reader.
3. A magnetic strip according to Claim 1, which can be written to by a magnetic strip writer.
4. A magnetic strip reader and writer according to Claim 2 and 3 which can be of the same unit.
5. A magnetic strip according to Claim I which is placed either horizontally as in figure 1 or vertically as in Figure 2, or placed anywhere within the note as in Figures 3 and 4.
6. A magnetic strip according to claim 1 where the strip can be the entire note itself as in Figure 5.
7. A magnetic strip according to claim 1, which can be made of any colour or material.
8. A magnetic strip according to claim 1, which can be placed on either side of a bank note or monetary instrument such as a bondl bank guarantee or other fmancial document such as stamp paper.