Number of counterfeit banknotes surged in 2023, German Bundesbank reveals
According to the Bundesbank, the face value of fake notes circulating in Germany in 2023 rose by 90 percent in comparison to the previous year. Here’s how to spot one in your wallet.
More fake banknotes circulating in Germany
Figures from the German Bundesbank have revealed that 2023 saw a sharp increase in the number of fake banknotes in circulation. Last year, German police and other authorities seized around 56.600 bank notes to the value of 5,1 million euros.
These figures amount to a 28 percent increase in the number of fake notes in circulation compared to 2022 and a 90 percent increase in the total value of seized fake notes.
According to Bundesbank board member Burkhard Balz, the majority of the seized counterfeit notes from 2023 can be linked to two major fraud cases. Though the value of cash seized is up by 90 percent, Balz pointed out that the 2023 figures are “a far cry” from the 95.400 fake notes that were taken out of circulation in 2015.
Spotting a fake euro note in your purse
The Bundesbank calculates that for every 10.000 people in Germany in 2023, there are an average of seven fake notes.
According to the consultancy company based in Munich, Strategy&, 54 percent of Germans prefer to pay with cash, the highest figure in Europe. But you don’t have to be someone who carries around big money to end up with a fake in your wallet. According to the bank, five, 10, 20, 50 and 100 euro bills are more commonly fakes than higher-value notes.
To spot a fake it is best to look closely at what is written below the EU flag in the top left-hand corner of the front of the note. If you find “Movie Money” or “Prop copy” in the place of the signature of any of the former or current European Central Bank presidents, then you’ve found a fake.
The texture and look of the note will also give a counterfeit away. If you’ve found a fake, the hologram on the right-hand side of the front of the note will not change as you tilt it in the light, and the watermark on the left-hand side may not be visible or may be visible even when the note isn’t held up to the light.