Reduction in Face-to-Face Transactions Due to COVID-19... Decrease in Counterfeit Currency Detection Cases

[Asia Economy Reporter Eunbyeol Kim] As face-to-face transactions declined due to the COVID-19 pandemic, cases of counterfeit currency detection also decreased.

According to the Bank of Korea on the 25th, the total number of counterfeit bills detected last year was 272, down 6.8% (20 bills) from 292 in 2019. This is the lowest level since the related statistics began to be published in 1998.

A Bank of Korea official analyzed, "The decrease in counterfeit bills detected appears to be influenced by reduced use of cash for face-to-face transactions due to the spread of COVID-19, as well as public awareness campaigns to improve counterfeit detection skills."

The number of counterfeit bills detected by denomination was ▲26 bills of 50,000 won ▲115 bills of 10,000 won ▲116 bills of 5,000 won ▲15 bills of 1,000 won. While the 50,000 won and 5,000 won bills decreased by 48% and 7.9% respectively, the 1,000 won bills increased by 50%. Among these counterfeit bills, the Bank of Korea detected 69, financial institutions detected 193, and individuals detected 10.