Counterfeit banknotes are everywhere in Europe

RockedBuzz
By RockedBuzz 2 Min Read

A major 28 p.c extra counterfeit banknotes have been discovered in Germany final yr. ok, and an incredible 90% improve in nominal worth in comparison with the earlier yr. According to a Bundesbank report, round 56,600 counterfeit banknotes with a worth of practically 5.1 million euros have been withdrawn from circulation in 2023.

Bundesbank board member Burkhard Balz attributed the rise to “just a few main frauds”. Counterfeiters particularly focused the 200 and 500 euro banknotes, reported the DW.

While Balz acknowledged the rise, he harassed that the present numbers are properly under the height in 2015, when 95,400 counterfeit notes have been seized. He reassured the general public that the danger of encountering counterfeit cash stays low for odd residents.

According to the calculations of the Bundesbank, in 2023 there might be solely seven counterfeit banknotes per 10,000 inhabitants in Germany.

The use of money stays dominant in Germany, the place practically 60% of purchases are made with bodily cash. A examine by the Bundesbank final yr highlighted the continued reliance on money, which differs considerably from tendencies in different nations. Germans usually carry round €100 in their wallets and preserve €1,300 in money at residence.

The Bundesbank advises residents to stay vigilant and notes that even generally used denominations equivalent to €5, €10, €20, €50 and €100 notes could be counterfeited.

To determine counterfeit cash, the Bundesbank recommends the “contact, look, tilt” methodology. In doing so, they bodily really feel a part of the picture on the faceplate, observe the holographic parts that change when tilted, and test for a watermark that may solely be seen when held as much as the sunshine.

Due to the free circulation of forex in the Eurozone, counterfeit cash also can seem in different nations.

Cover picture supply: Shutterstock

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