How to check if a banknote is fake

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.

Reserve Bank of Australia data shows that in 2017-18, 25,874 counterfeit banknotes were 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 crossborder money transfer company InstaReM, said people could identify suspicious notes by: ● it could not be torn. “Australian banknotes are

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plastic and have a distinct feel – these notes should be difficult to tear or crunch, and have the ability to spring back,” he said. ● for slightly raised dark printing on notes. ● sure the white image on the clear window could not be rubbed off easily.

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 says.

Finder.com.au insights manager Graham Cooke said that 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.

“As we shift more towards digital ways of paying for things, these problems could disappear altogether,” he said.

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