In the first half of 2024, there were more counterfeit banknotes in Germany than at any time in the past seven years. According to the Bundesbank, there were almost 39,000 banknotes. They were worth 2.4 million euro.
The last time more counterfeit banknotes were discovered was in the first half of 2017 (over 39,000). Compared to the last half of 2023, this is an increase of almost a third.
On the other hand, the amount of losses increased by only less than five percent. According to the Bundesbank, this is due to the fact that criminals prefer to counterfeit lower denominations.
Counterfeiters' Favorite Banknotes
The largest number of counterfeits (37 percent) are banknotes with a face value of 50 euro; second place went to banknotes with a face value of 20 euro (30 percent) and €100 notes (15 percent). Even counterfeit €10 notes were much more common than in the previous six months, although they only made up seven percent of the total number of notes.
On the other hand, larger denomination notes have become rarer. The number of counterfeit €200 and €500 notes has fallen significantly compared to the previous six months. In total, they now account for only one tenth of the seized counterfeits.
500 euro banknotes have not been printed since 2019, although they are still legal tender.
Relatively few fakes
– Overall, the amount of counterfeit money remains low: in purely mathematical terms, there were nine counterfeit notes per 10,000 inhabitants, said Bundesbank board member Burkhard Balz. The favorite “sport” of fraudsters, the Bundesbank reported, is exchanging genuine banknotes for counterfeits.
He recommends checking the authenticity of the banknotes. This is because counterfeit cash cannot be exchanged. Anyone who accepts it will suffer a loss. The Bundesbank strongly warns against trying to sell counterfeit banknotes to someone else, as this is a crime. Instead, the banknotes should be handed over to the Bundesbank or police.
Fakes are easy to spot
Many counterfeit banknotes are easy to recognize. They are marked on the front or back with words such as “MovieMoney” or “PropCopy” where the signature would be visible on genuine banknotes. The Bundesbank and Police recommend checking banknotes before accepting them according to the “touch-look-tilt” principle.
The paper on most euro banknotes is hard to the touch. This means that simple counterfeits can be identified by touch. Furthermore, a watermark can be identified in the unprinted area of each banknote. The hologram elements change when the banknote is tilted. Rainbow effects appear around the motifs.
Many fake two euro coins
In addition to banknotes, coins are also being counterfeited. Almost 80,000 counterfeit coins were seized in the first half of 2024. This was 19 percent more than in the second half of 2023. 94 percent of the counterfeits concern the largest coin, the two-euro coin. (DPA/du)
The article comes from the website German Welle