The German Central Bank is warning Europe about euro banknotes that cannot be used in any transaction, so no one can make payments with them or exchange them. According to the Bundesbank, although banned, these banknotes are now circulating throughout the European Union, posing a serious problem for consumers, merchants and financial institutions.
Euro banknotes that cannot be accepted
Counterfeiting money is a highly practiced crime all over the world, especially in the European Union states. For this reason, the Central Bank has issued an international warning regarding the limitation of these out-of-control operations.
An important role in the issuance and management of the euro is played by the central banks of the member states of the European Union, including the German Central Bank. In order not to be deceived, citizens are asked to be very careful when making a transaction in unknown places or when receiving money from foreign persons, not authorized to make a financial operation.
Banks draw the attention of all persons and institutions who notice irregularities regarding the money received. They are requested to immediately notify the competent authorities and refuse any type of transaction with forged or counterfeit Euro banknotes. Banking institutions advise citizens to check the authenticity of the banknotes they receive before using them.
After the official release of the German Central Bank, regarding the identification of more counterfeits in 2022 than in previous years, the Bundesbank warns against accepting counterfeit euro banknotes.
In total, 44,100 counterfeit euro banknotes, with a face value of 2.7 million euros, were registered and withdrawn from payment transactions in Germany.
Doing a simple calculation, these values confirm the increase in the number of fakes in the country, by 5.2 percent, compared to the previous year.
The number of counterfeit Euro banknotes in Europe has exploded
Unfortunately, the situation of money counterfeiting is dramatic, so the volume of counterfeit currency increased in 2022 throughout the euro area, with a total of 376,000 counterfeits being registered. This corresponds to an increase of 29,000 units (+8.4 percent) compared to the previous year.
The €50 note was the most counterfeited, accounting for around 40 percent of all registered counterfeits, while the counterfeit €20 note was second, with 23.6 percent. The damage caused to the euro area by counterfeit money amounted to 21.5 million euros and was higher than in 2021 (when it was 17.5 million euros).
The German Central Bank has issued a statement warning of an increase in the number of counterfeit euro banknotes registered in Germany and the euro area as a whole. These include the €50 and €20 denomination notes, which were the most counterfeited. It is important to check the authenticity of the euro notes we receive and to report any counterfeit notes to the appropriate authorities.
