Changing Patterns in Currency Counterfeiting: Teenagers Distributing via SNS, Public Vigilance Needed

Counterfeit Prevention Working Committee Holds First Half Regular Meeting
Number of Counterfeit Bills Detected Decreases as Cash Usage Declines
"Younger People, Including Teenagers, Distributing Online... Used at Convenience Stores and More"
Changing Trends Highlight Need for Continued Public Vigilance

There have been concerns raised that as currency counterfeiting spreads to younger age groups, including teenagers, the distribution and usage channels have changed compared to the past, making it necessary to maintain public awareness.

Kiwon Kim, Director of the Banknote Issuance Department at the Bank of Korea (right in the photo), and other participants of the Counterfeit Prevention Working Committee are exchanging opinions at the regular meeting for the first half of 2025 held on the 17th at the Bank of Korea headquarters. Bank of Korea

The Counterfeit Prevention Working Committee held its regular meeting for the first half of 2025 at the Bank of Korea headquarters on the 17th, where they reviewed recent cases of counterfeit currency detection, characteristics of counterfeit bills, and distribution cases, and discussed future response strategies. The Counterfeit Prevention Working Committee is composed of staff responsible for counterfeit prevention 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, Security Printing & ID Card Operating Corporation.

At this meeting, participants agreed that the number of counterfeit bills detected has been decreasing, attributing this trend to the increased use of non-cash payment methods, which has reduced face-to-face transactions, as well as improved public ability to identify counterfeit bills. However, they unanimously pointed out that the methods of producing and distributing counterfeit currency have changed recently compared to the past, and that caution is needed.

Whereas counterfeiters in the past were mostly older adults, the widespread availability of high-performance color printers has led to an increase in counterfeiting among younger people, including teenagers. The channels for distributing counterfeit currency have also expanded to online spaces such as social networking services (SNS). In the past, counterfeit bills were mainly used in traditional markets and street stalls operated by older adults, but recently, there have been reports of cases targeting convenience stores, lottery ticket vendors, taxis, restaurants, and gas stations, especially during busy hours when face-to-face interactions are brief.

The committee also noted that the number and amount of foreign counterfeit bills detected in Korea, particularly U.S. dollars, have been increasing, and that this trend needs to be closely monitored. Last month, the Korea Customs Service detected a crew member of an international trading vessel docked at Busan Port in possession of counterfeit $100 U.S. bills.

Kiwon Kim, Chair of the Counterfeit Prevention Working Committee (Director of the Banknote Issuance Department at the Bank of Korea), stated, "As the quality of foreign currency counterfeiting continues to advance, we must remain highly vigilant and respond thoroughly to prevent the same techniques from being used to counterfeit Korean won." He added, "The committee will monitor online platforms such as SNS to block the online distribution of counterfeit currency, share relevant information among related agencies, and cooperate to ensure that counterfeiters and distributors are apprehended at an early stage."

Meanwhile, the 'Easy Counterfeit Bill Identification' application, jointly developed by the Bank of Korea and the National Forensic Service in 2016, will undergo a major update and a new version is scheduled to be released in September.