908 fake euro banknotes detected in H1

In the first half of 2020, a total of 908 counterfeit euro banknotes were detected to be in circulation in Finland.

According to the Bank of Finland, the number of counterfeit banknotes has approximately doubled from that in the corresponding period of 2019.

“The number of counterfeit banknotes in circulation in Finland was higher than usual in the first half of 2020. Some people have succeeded in using low-quality counterfeits such as movie money and souvenir banknotes in particular as a means of payment,” said Bank of Finland Banknote Specialist Olli Vehmas. “These banknotes are easy to identify as counterfeits, however, because they do not contain any security features,” he added.

Among the banknotes in circulation in Finland in the first half of 2020, the EUR 20 was the most frequently discovered counterfeit note (384 counterfeits), followed by the EUR 10 (290 counterfeits) and EUR 50 (163 counterfeits).

“It is always advisable to check the security features when handling banknotes,” said Vehmas.

The new series of euro banknotes, of which the last denominations, the EUR 100 and EUR 200 banknotes were issued in last year, will help in preventing counterfeiting. The other denominations were issued earlier. The banknote security features involve the latest technology, as a result of which banknote counterfeiting now is more difficult than before.

A number of security features have been incorporated into euro banknotes for authentication purposes. Banknote authenticity can be checked by using simple tests, i.e., by feeling the raised print, looking at the banknote against light and tilting it. When in doubt, a suspect banknote should be compared directly with one that is known to be genuine.

Instructions and guides for checking banknote authenticity can be found on the Bank of Finland website.