The Commonwealth offence of making counterfeit money, also known as fake money attract up to 14-years imprisonment or if the offender is a body corporate, up to $166,500 fine, under section 6 Crimes (Currency) Act 1981 (Clth).
Making counterfeit money: a person shall not make, or begin to make, counterfeit money. The maximum penalty is 14 years' imprisonment (for a person not being a body corporate) or 750 penalty units (for a person being a body corporate).
If you are convicted of using, creating, or dealing in counterfeit currency, the penalties can be severe. The federal judge could sentence you to up to 20 years in a federal prison, along with a huge fine up to $250,000.
If you think you have come across a counterfeit banknote, you are advised to report it immediately to the relevant authorities. If in your possession, touch the note as little as possible and store it safely away from the elements. You have the right to refuse a banknote if you have concerns about it.
If a Reserve Bank detects counterfeit or unlawfully altered currency or coin in DI deposits, the Reserve Bank forwards that currency or coin to the Secret Service, and the DI's Reserve account is charged for the difference.
However, if you try to deposit fake bills into ATMs, there is a high chance that they will not be accepted. Worst case scenario: you will find yourself in hot water with your bank or the police if they find out you willingly used counterfeit money.
Banks use counterfeit detector pens to examine security features on banknotes. These pens contain ink that reacts differently when applied to genuine paper versus counterfeit currency.
According to the Reserve Bank of Australia, it is an offence to knowingly possess counterfeit banknotes. If you come across a banknote that you suspect is counterfeit, you should immediately give it to State or Federal police.
Australian banknotes are printed on polymer, a type of plastic, and they have a distinctive feel. Polymer banknotes were developed to make our currency more difficult to counterfeit.
The Reserve Bank of Australia, as copyright owner, reserves the right to object to any reproduction or image of an Australian banknote which it believes is in breach of condition 6.
What Are the Federal Penalties for Using, Making, or Possessing Counterfeit Money? Federal law makes counterfeiting U.S. currency a felony, punishable by up to 20 years in federal prison. This potential 20-year prison sentence applies to possessing, using, or making counterfeit currency with the intent to defraud.
The punishment for making, possessing, or passing counterfeit notes under federal law can be incredibly harsh. Most counterfeiting crimes carry a maximum penalty of 20 years in federal prison. However, some offenses allow for 25 years in federal prison. The court could assess a $250,000 fine as well.
Sadly, there is little immediate relief for the person who ends up with funny money, and who then reports it so as to comply with counterfeit money laws. The government does not replace your money with a genuine bill during an investigation, so your primary options to recoup losses are insurance policies.
Tips to spot fake banknotes
You shouldn't be able to scratch the white image on the window of $20, $50 or $100 notes. When you hold the banknote to the light, you should see the Australian Coat of Arms. Look for the 'star'; diamond-shaped patterns are printed inside a circle on both sides of the banknote.
Report suspected counterfeit currency to your local authorities. Law enforcement agencies, banks and cash processors will submit suspected counterfeit currency to the Secret Service through our USDollars website.
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Busy retail settings are common hot spots for counterfeits, usually appearing in $50 and $100 notes, while the $100 note surpassed the $50 note as the most counterfeited in 2020. Regardless, Australian banknotes are believed to remain one of the safest in the world.
British Pounds. Even though the British pound features many state-of-the-art anti-counterfeiting features, it remains one of the most counterfeited currencies in the world.
The $20 bill is the most commonly counterfeited banknote in the U.S., while overseas counterfeiters are more likely to make fake $100 bills. The real $100 bills are more prevalent overseas as well, according to the Federal Reserve Bank of San Francisco.
While there has been less fake money printed since 2015, about 17,000 counterfeit notes were handed in to the Reserve Bank of Australia in 2021 alone. The fake money added up to more than $1.3 million. That same year there were two billion notes in circulation, worth $102 billion.
Banknotes without the printed name below the portrait are counterfeit. A banknote without the name of the person below the portrait is not necessarily counterfeit. Printed names were added to Australian banknotes from 2002. This was done to help the public identify the people that our banknotes feature.
The ATM sounds an alarm, drops a cage over the ATM foyer, fills it with nerve gas, and calls the police. No actually: It's would be pretty hard to get counterfeit bills past modern ATMs, which check for the magnetic ink patterns and other security features. Most likely, the machine would spit your money back out.
Write your initials and the date in the white border areas of the suspect note. Limit the handling of the note. Carefully place it in a protective covering, such as an envelope. Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent.
Banks can, at their discretion, replace fake money received by their customers, but they are unlikely to do so. It makes little difference where the counterfeit came from — a store, an individual, or an ATM. In most cases, you'll end up writing off the loss.
The machines that accept your cash have computers that scan the bills to ensure they are valid. They are not 100% foolproof, they occasionally will let counterfeit bills through or reject valid currency. Additionally, almost all of these self-checkout areas have video cameras.