Euro banknote counterfeiting declines in first half of 2016
331,000 counterfeitThe reproduction or alteration of a document or security element with the intent to deceive the public. A counterfeit banknote looks authentic and has been manufactured or altered fraudulently. In most countries, currency counterfeiting is a criminal offence under the criminal code. More euroThe name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More banknotes were withdrawn from circulation in the first half of 2016:
• Around 80% of the counterfeits were €20 and €50 banknotes
• All euro banknotes can be verified using the “feel, look and tilt” method
• Euro banknotes continue to be a trusted and safeSecure container for storing money and valuables, with high resistance to breaking and entering. More means of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More
Some 331,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2016, 25% fewer than in the second half of 2015, the European Central Bank (ECB) announced today. The number of counterfeits remains very low in comparison with the increasing number of genuine banknotes in circulation (over 18.5 billion during the first half of 2016).
The half-yearly trend is shown below:
The EurosystemThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More has a duty to safeguard the integrity of the euro and continue improving banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More technology. The Europa series will make the banknotes even more secure and help maintain public confidence in the currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More.
A breakdown, by denominationEach individual value in a series of banknotes or coins. More, of the total number of counterfeits withdrawn from circulation in the first half of 2016 is provided below.
During that period:
• The €20 and €50 notes continued to be the most counterfeited banknotes. Compared with the figures for the second half of 2015, the proportion of counterfeit €20 notes decreased and that of counterfeit €50 notes increased. Together, they accounted for 79.8% of the counterfeits;
• Most (97.6%) of the counterfeits were found in euro area countries. Only around 1.7% were found in EU Member States outside the euro area and less than 0.7% were found in other parts of the world.
The new €50 banknote, with its innovative security features, will be launched on 4 April 2017. Banknote equipment manufacturers and other suppliers will continue to receive support from the Eurosystem in adapting their machines and authenticationThe process of proving that a banknote or security document is genuine. More devices to the new banknote. If their equipment is still unable to accept this banknote, operators/owners should contact their suppliers or manufacturers without delay.