counterfeit money how to spot a fake aussie banknote

Written by The ReReport

COUNTERFEIT banknote detections are climbing despite Australians now doing most of their transactions electronically.As a new $50 banknote hits the streets this month, money specialists say there are some simple ways to make sure the cash you receive is legitimate.The latest Reserve Bank of Australia data shows that in 2017-18 there were 25,874 counterfeit banknotes detected, up from 25,491 the previous financial year. The value of the counterfeits jumped almost 20 per cent to $1.74 million amid an increase in fake $100 bills detected.Prajit Nanu, CEO of cross-border money transfer company InstaReM, said $100 notes were carried less frequently, so counterfeits “might not be as noticeable in comparison to the more common notes carried”.DAVID KOCH: Beware of online lending rip-offsMORE: Banks trick saves with interest ratesHe said penalties for using fake banknotes included up to 12 years’ jail and a $60,000 fine, but people could identify suspicious notes by:media_cameraCan you spot the real hundred dollar note? (Psssst! It”™s the one in the middle)While the raw numbers of counterfeit banknotes rose last financial year, the level of counterfeiting in Australia remains low by world standards.They are still relatively rare – someone using 10 bank notes a day would take an estimated 13 years to come across a fake one – although there was a string of counterfeit $100 notes circulating in some cities’ cafes, pubs, restaurants and shops earlier this year.The Reserve Bank says people are within their rights to refuse to accept a banknote if they have concerns.“Suspect banknotes should be given to State or Federal police. It is important to note that counterfeits have no value – you will not be reimbursed. If they prove to be genuine banknotes, you will receive full value for them,” it insights manager Graham Cooke said this month’s release of new $50 notes – which were harder than ever to forge – was probably pushing criminals towards producing fake $100 notes instead.“Banks have internal digital checking security so it’s unlikely you would get a counterfeit note from an ATM,” he said.“As we shift more towards digital ways of paying for things, these problems could disappear altogether.”Finder said improved digital security meant debit and credit cards might be the easiest escape from the risks of counterfeit currency.@keanemoneyOriginally published as How to spot a fake banknote

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