Secret Service: Millions of Dollars in Phony $100 Bills Flooding Into NYC

NY - In efforts to stem the flow of an increasing number of phony $100 bills being smuggled in and placed into circulation in New York City and its surrounding metropolitan areas, the feds are stepping up their efforts including distributing citywide alerts to cash outlets, banks and businesses on spotting the fake bills.

DNAinfo.com Reports that a spokesman for New York’s Secret Service office said the most recent blitz is the work of an international smuggling ring which much like the drug cartels uses mules to sneak the counterfeits into the city.

Assistant special agent for New York, Michael Seremetis said the recent run of bills the feds are tracking is a bit different, in that they appear to be manufactured through an offset printing process as opposed to the sophisticated copying process which has become popular in recent years.

As a public service, officials are reminding both businesses and citizens alike, that if you wind up with a phony $100 bill, you willbe out the cash value, but you can claim it as a tax loss in your annual filing.