A watermark isn't meant to be obvious unless looked at closely, often to verify authenticity. The letterhead is plain at first glance, but the watermark becomes clear when backlit.
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Security Feature
Watermarks can prevent counterfeiting, used in money, stamps, and important documents. The new currency notes have a more complex watermark to discourage forgery.
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Branding Tool
Companies use watermarks for branding, subtly including their logo or name on products. All our official reports have a watermark with the company logo for brand consistency.