Just as most US currency circulates abroad, so most counterfeit currency is also produced abroad. South America, parts of Southern and Eastern Europe and the Far East are regions with active counterfeiting rings, which the Secret Service works constantly to break up.
Look for a security thread (a plastic strip) running from top to bottom. Beginning in 1990, an embedded (not printed) security thread was added to all bills except the $1 and $2 bills. If you hold the bill up to the light, you will see the strip and printing on it.
Australian banknotes are printed on plastic. One of the easiest ways to check a note is genuine is the “scrunch test.” Try scrunching the banknote in your hand – a genuine banknote should spring back.
Counterfeiting in Australia has been steadily declining since its peak in 2015. The Bank received around 17,000 counterfeits in 2021 with a total value of just over $1,300,000. This is small relative to the total number of banknotes in circulation (at around 2 billion notes, worth $102 billion).
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 polymer makes it possible to include a range of security features on our banknotes.
The $100 banknote has become the most faked cash denomination in Australia and is circulating mostly in the counterfeit capitals of Sydney and Melbourne.
US Dollars
It may not come as a surprise to learn that the US dollar is the most commonly counterfeited currency in the world according to the Federal Reserve Bank of Boston.
Banks make huge investments in training and educating their staff to spot fake banknotes. Technologies like money counters and counterfeit bill detectors can detect 99 percent of fake notes.
According to the United States Department of Treasury, an estimated $70 million in counterfeit bills are in circulation, or approximately 1 note in counterfeits for every 10,000 in genuine currency, with an upper bound of $200 million counterfeit, or 1 counterfeit per 4,000 genuine notes.
This offence is under the Crimes (Currency) Act 1981 Qld. Our client had no history of criminal convictions however the offence carries a maximum penalty of 10 years imprisonment.
Counterfeit detection
A money counter machine helps by utilizing various detection methods like infrared sensors, ultraviolet sensors, thickness analysis, dimensional detection, and more. These detection techniques spot fake bills within milliseconds.
Furthermore, on a federal level, a conviction for using counterfeit money carries a period of incarceration of up to 20 years, along with a $250,000 fine.
If you are in possession of suspected counterfeit banknotes, counterfeit coins or counterfeit prescribed securities you should contact your local police or the Australian Federal Police in your state/territory.
To make an almost exact copy of money, first put a piece of 75% cotton and 25% linen paper in a color printer. Put a real dollar bill in your scanner and scan it to the computer. Repeat on the other side. Print your money double-sided and cut it out as neatly as you can.
The $100 note features a portrait of Benjamin Franklin on the front of the note and a vignette of Independence Hall on the back of the note. A unique combination of eleven numbers and letters appears twice on the front of the note.
One security feature of bills higher than $5 is they have color-shifting ink. When you tilt the bill, the denomination in the right bottom corner should change colors between copper and green. If the numbers do not change colors when you tilt the bill, it is counterfeit currency.
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 New Zealand dollar is made of polymer (a type of plastic), which is designed to be harder to forge. And the notes have several security features to make them harder to counterfeit.
U.S. money is protected from counterfeiting its quality of paper, the existence of blue and red fibers that can be plucked from the bill, and the difficulty in reproducing seals and portraits. Other countries currency is also protected by such safety checks.
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.
Security Thread All genuine FRNs, except the $1 and $2, have a clear thread embedded vertically in the paper. The thread is inscribed with the denomination of the note and is visible only when held to light. Each denomination has a unique thread position and glows a different color when held to ultraviolet (UV) light.
Traditionally, counterfeits are made by offset printing. Counterfeiters need to acquire heavy machinery in order to undertake offset printing; the right kind of ink is also needed as well as expert production of printing plates. Procuring the right paper is another challenge.
Frank Bourassa counterfeited and sold $250 million in fake US currency until he was nabbed in an undercover operation.
Chinese yuan. Now as we take a look at the most faked currencies in the world, it's perhaps not surprising that the Chinese yuan, in a country known for high corruption levels, features. In May this year, Chinese police busted a currency forgery case and confiscated 422 million yuan ($60.3m/£47m) in fake notes.
Look for a small circle with diamond-shaped patterns. If you hold the banknote up to the light, the diamond shapes should align perfectly to form a seven-pointed star inside the circle. While you still have the banknote held to the light, you should also be able to see the Australia Coat of Arms under the print.