cash - Bundesbank: More counterfeit banknotes - but easily recognizable
In the German payment system, according to the Federal Bank's reports, as many counterfeit banknotes have been detected in the first half of the year as not in the last 7 years. Therefore, there were 38,578 banknotes worth 2.4 million Euro. This was the highest half-year figure since 2017 (39,685 blooms) and 29% more than in the second half of 2023.
However, the damage caused has only increased by about 5%. The criminals predominantly counterfeited smaller denominations. "Counterfeit hundred-dollar bills" accounted for 37% of the circulation, followed by 20-dollar counterfeits (30%) and fake hundreds (15%). Even counterfeit 10-Euro notes appeared more frequently than in the previous half-year, but they only accounted for 7% of the total number of banknotes.
Large flowers are becoming rarer
The occurrence of 200- and 500-Euro counterfeits, however, significantly decreased compared to the previous half-year, according to the Federal Bank Executive Board Burkhard Balz. They now make up only a tenth of the secured counterfeits. The 500-Euro banknote has not been reprinted since 2019 but is still a valid form of payment. Balz states: "Overall, the counterfeit money circulation remains low: In essence, nine counterfeit banknotes affect 10,000 residents."
A popular scam among criminals is the unnoticed exchange of real for counterfeit banknotes, as reported by the Federal Bank. This experience was a concern for a potential buyer who wanted to buy a used car in cash. The supposed seller first checked the genuine money, but then suddenly canceled the deal. The buyer only discovered at home that his banknotes had been exchanged for counterfeits.
Doubling your money?
A rather peculiar incident occurred in a Telegram chat group where a member asked if and how they could double their money. Shortly afterward, a supposed helper offered to exchange 8,200 Euro in genuine money for counterfeit banknotes worth 16,400 Euro.
Counterfeit money is not replaced
Counterfeit money is not replaced. Anyone who accepts it assumes the risk. The Federal Bank strongly warns against trying to pass counterfeit money on to someone else, as this is a criminal offense. Instead, they should be handed in to the Federal Bank or Police.
Many counterfeits are easily recognizable. They lack security features and are marked with labels like "MovieMoney" or "PropCopy." The Federal Bank and Police advise checking banknotes based on the principle "Feel-See-Tip":
Counterfeit coins are about twice as common as counterfeit banknotes. The Federal Bank has recorded an increase of 19% to approximately 80,000 counterfeit coins. 94% of the counterfeits involve the largest coin worth 2 Euro.
The European Central Bank is already working on the next generation of Euro notes, first issued in 2002. In the redesign of the banknotes, Europeans were given the opportunity to participate: In surveys last year, Europeans favored themes from European culture, rivers, and birds as motifs.
Europeans can participate in new motifs
People will still have to wait several years before they hold the new banknotes in their hands. By the end of 2024, a consultant group is expected to propose motifs for the selected themes. Following this, a design competition will take place. The citizens will then be asked for their opinion again. The European Central Bank is predicted to make the final decision regarding the design and production and release of the new banknotes around 2026. Based on experience, it is estimated that it will then take another 2-3 years for the new banknotes to come into circulation.
Information materials Bundesbank on Counterfeit Money Police Prevention Offer ECB on Future Banknotes
- The highest number of counterfeit €2.4 million worth banknotes were detected in Frankfurt am Main, Germany, as reported by the German Federal Bank, surpassing the figures from the last 7 years.
- To prevent the spread of counterfeit banknotes, the German Federal Bank advises checking banknotes based on the principle "Feel-See-Tip" and encourages handing them in to the Federal Bank or the police.
- The occurrence of counterfeit €2 coins has increased by 19% according to the Federal Bank, with 94% of the counterfeits involving the largest coin worth €2.
- In an attempt to combat criminality, the German Federal Bank and police are working together to educate the public about identifying and reporting counterfeit cash notes and coins.
