Restrictions on Counterfeit Currency Production and Distribution Enable Early Detection of Counterfeiters
Bank of Korea: "CCTV Modernization Influences Increased Public Familiarity with Currency"
[Asia Economy Reporter Kim Eun-byeol] The number of counterfeit bills reported to the Bank of Korea last year reached a new all-time low of 267. This is due to the extremely restricted production and distribution of counterfeit bills and the establishment of an environment that allows early detection of counterfeiters.
According to the "2019 Mid-Year Counterfeit Currency Discovery Status" announced by the Bank of Korea on the 29th, the number of counterfeit bills discovered during the currency handling process by the Bank of Korea or reported by financial institutions or individuals to the Bank of Korea was 267, a decrease of 347 bills (56.5%) compared to the previous year (614 bills). This is the lowest level since related statistics were first published in 1998.
The decrease in the number of counterfeit bills discovered last year is attributed to the strengthened security facilities making it difficult to use counterfeit bills, and the police being able to quickly apprehend suspects even when counterfeit incidents occur. The Bank of Korea also evaluated that various promotional measures to help the public identify counterfeit bills contributed to this result.
Among the discovered counterfeit bills, the 5,000 won denomination was the most common with 115 bills, which decreased by 156 bills (57.6%) compared to the previous year. The 10,000 won bills also decreased by 182 bills (65.7%) to 95 bills. The number of 50,000 won counterfeit bills discovered was 47, similar to the previous year.
New attempts at counterfeiting also decreased. Of the 195 counterfeit bill serial numbers discovered, 52 were newly found, down 15 from the previous year (67).
Counterfeit bills were discovered mainly during currency handling processes at financial institutions, with 88 bills found by the Bank of Korea and 165 bills by financial institutions. By region, 140 counterfeit bills were found in the Seoul, Gyeonggi, and Incheon metropolitan areas, accounting for the majority (84.8%).
The number of counterfeit bills discovered per one million banknotes in circulation in South Korea was 0.05, significantly lower than the previous year (0.12) and even lower than Japan (0.12).
The Bank of Korea urged, "If you discover counterfeit bills, please report them immediately to the nearest police station or bank," adding, "This can prevent property damage and penalties caused by counterfeit bills."
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