False banknotes in circulation as new €10 note hits the streets

The number of counterfeit banknotes in circulation rose last year to 39,167, up from 22,433 in 2012, and a rise of 75%, the National Bank of Belgium (NBB) reported. The total value of the false notes is estimated at just over €3 million.

The majority of the fakes come from Italy, manufactured by the Italian Mafia, according to Johan Denolf of the federal judicial police. Last year, however, a number of small printing centres were discovered in Belgium.

The counterfeiters’ banknote of preference is the €50, which is scrutinised less carefully by retailers. Nearly 24,900 examples were found. The €20 note is less popular, with 8,215 examples, while the €100 note, which, despite its higher value, also encounters more suspicion, turned up 2,704 times.

The National Bank advised members of the public to take any suspect notes to their own bank. The note will not be replaced, however, the NBB warned. NBB offers free training for people working in regular contact with cash to help them identify counterfeit notes.

Meanwhile, the European Central Bank issued a new €10 note yesterday, intended to be better protected against counterfeiting, and also more durable thanks to a protective layer. In the Eurozone, the number of false banknotes went up 11% in the second half of the year compared to the first half – 353,000 bills from a total of 15 billion in circulation. 

photo: Yves Mersch of the European Central Bank board member Yves Mersch presents the new €10 note