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Secret Service warning about fake $100 bills

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NEW YORK (MYFOXNY) -

The U.S. Secret Service New York Field is warning banks, merchants, and consumers to be on the lookout for fake $100 bills. Three styles of the $100 bill are in circulation, but one in particular has been counterfeited a lot.

The Secret Service issued a warning notice to merchants and banks to check serial numbers. A "77" is located on the back bottom corner of the bill. The counterfeits also have 5 serial numbers that go along with the 77.

Assistant Special Agent in Charge Michael Seremetis said that he believes more than $20 million in counterfeits has been passed since 2005. He said authorities have made many arrests during the course of the 9-year investigation.

If you come across a counterfeit note, the Secret Service recommends you go to your local bank. The bank can provide you with a counterfeit note report and a receipt, which you can give to your accountant or tax preparer to possibly report as a loss on your tax return.

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