"Currency Forgers Now Range from Teens to Those in Their 60s"

Counterfeit Prevention Practical Committee Meeting, Usage Expanded to Convenience Stores and More

Counterfeit banknote illustration

The Bank of Korea recently announced on the 28th that the age range of counterfeit currency offenders is becoming more diverse, spanning from teenagers to people in their 60s, and the places where counterfeit bills are used are expanding to traditional markets, street vendors, convenience stores, and restaurants.

According to the Bank of Korea, the Counterfeit Currency Prevention Working Committee held its regular meeting for the first half of 2024 at the Bank of Korea headquarters yesterday morning. The committee is composed of counterfeit currency officers from six organizations: the Bank of Korea, the National Intelligence Service, the National Police Agency, the Korea Customs Service, the National Forensic Service, and the Korea Minting and Security Printing Corporation.

The attendees agreed that special caution is necessary as the number of counterfeit currency detections is expected to rapidly increase in the future due to the recent revitalization of face-to-face transactions. They pointed out that since the age range of counterfeiters is becoming more diverse and the places of use are expanding, it is necessary to respond with vigilance.

It was also noted that attention should be paid to the diversification of counterfeit currency distribution channels, as recently counterfeiters and distributors who sold large quantities of counterfeit bills to teenagers through anonymous social media (SNS) have been arrested.

A committee official emphasized, "We plan to make every effort to establish a sound currency circulation order by proactively blocking the manufacturing and distribution of counterfeit currency based on close cooperation among related agencies."