"150 Counterfeit Bills Found Last Year... Lowest Since Statistics Publication"

BOK "Impact of Non-Cash Payment Method Activation"

[Asia Economy Reporter Seo So-jung] Last year, the number of counterfeit banknotes discovered and reported to the Bank of Korea (BOK) by the BOK, financial institutions, and individuals totaled 150, marking the lowest figure since related statistics began in 1998. The sharp decline in counterfeit banknote discoveries is attributed to the reduction in face-to-face transactions due to the increased use of non-cash payment methods.

According to the BOK on the 16th, the total number of counterfeit banknotes found during the currency handling process by the BOK or discovered by financial institutions or individuals and reported to the BOK last year was 150, a 14.8% (26 notes) decrease from the previous year's 176 notes.

The number of counterfeit banknotes discovered decreased mainly in the 5,000 won and 1,000 won denominations. The total face value of counterfeit banknotes found was 1,964,000 won, slightly down from 1,993,000 won the previous year.

The number of counterfeit banknotes found by denomination was 75 notes of 5,000 won, 43 notes of 10,000 won, 23 notes of 50,000 won, and 9 notes of 1,000 won. The 1,000 won and 5,000 won notes decreased by 9 and 22 notes respectively compared to the previous year, while the 10,000 won and 50,000 won notes increased by 4 and 1 notes respectively.

Regarding the 5,000 won notes, a large batch of counterfeit notes with serial number '77246' produced by a mass counterfeiter arrested in June 2013 (74 notes) is still being found in large quantities; however, excluding these, the discovery of new counterfeit notes remains at a low level.

By discoverer, counterfeit banknotes were found as follows: 118 notes by financial institutions, 27 by the BOK, and 5 by individuals, mainly during the currency handling process at financial institutions.

Looking at counterfeit banknotes found by financial institutions (118 notes) by region, 87 notes (73.7%) were discovered in the Seoul, Gyeonggi, and Incheon metropolitan areas.

The BOK stated, "The low number of counterfeit notes found is due to the recent increase in non-cash payment usage leading to reduced face-to-face transactions, expanded CCTV installation, and early detection of counterfeiters. Counterfeiting or altering currency for use as money is punishable by life imprisonment or imprisonment of two years or more, and knowingly using counterfeit currency is punishable by imprisonment of up to two years or a fine of up to 5 million won. Therefore, if counterfeit banknotes are found, they should be reported immediately to the nearest police station or bank."