A new report, identifying the security features that can help consumers to recognise five of the most counterfeited banknotes in the world, has been issued.
Despite the rise in cyber-fraud, mirroring the world’s slow but steady move to digital payments, banknote counterfeiting is prevalent. Millions of bills across various currencies continue to be intercepted by authorities around the world every year, with the U.S. dollar still holding the top position as the most counterfeited currency.
Analysts at BestBrokers analysed the security features of the 39 most commonly used and traded currencies globally and identified those that are vulnerable to counterfeiting and those that are best protected against replication.
This identified the five most counterfeited banknotes in the world.
1. US$100
Believed to be the most counterfeited bill in the world, the 100-denominated U.S. dollar is not easy to forge. Yet, thousands of fake $100 bills were seized in 2023, with the total face value of all counterfeits intercepted by the Secret Service last year amounting to more than $21.8 million.
Despite the lack of official statistics, multiple news reports have described large fake bill operations caught by authorities this year. Among those, is a case where Santa Paula, CA, police seized more than $10,000 in fake $100 bills in June. In another case, two men were arrested in Michigan for creating and passing thousands of counterfeit $100. In April, German police said it had seized a massive amount of fake U.S. dollar bills. A total of 75 boxes filled with counterfeit $100 notes were discovered, with their total face value exceeding $103 million. These bills were not very convincing copies, though since they were the so-called “movie props”.
The genuine $100 bills can be identified by several key safety features, one of which is the colour-shifting Bell in the Inkwell image on the front of the banknote. When the bill is tilted, a bell seems to appear and disappear in the copper inkwell. Another element to check is the blue 3-D security ribbon; when the note is tilted back and forth, the bells within the ribbon change into “100”s. The bells and “100”s also move up and down, and side to side. Also, the numeral “100” in the lower right corner of the front of the banknote shifts from copper to green when the note is tilted.
2. €50
The 50-denominated Euro is among the most commonly used and counterfeited Euro banknotes. Last year, the number of fake €50 notes seized across Europe was 179,328, more than a third of all counterfeit Euro currency. There has been an increase in the counterfeits detected this year, however. During the first half of the year alone, the German Bundesbank removed 38,600 counterfeit euro banknotes from circulation (nominal value of €2.4 million). This is up nearly 30% from the previous period. And 14,269 of these were €50 bills.
Several large counterfeiting criminal operations have also been stopped by authorities across Europe this year. Earlier this year, a joint police investigation in several European countries seized more than €14 million in counterfeit currency. In October, Bulgarian authorities dismantled a massive currency-counterfeiting operation, seizing 37.5 Bulgarian leva, along with half a million euros in fake €500 bills. According to the Bulgarian police, these €500 counterfeits were of extremely high quality, also known as “superbills”. These fake notes are impossible to detect with the naked eye; typically, only trained professionals using specialised equipment such as UV lamps can spot the fake.
When held against the light, a dark line can be seen running through it. On this security thread in the middle of the note, the writing “50 Euro” appears. There is a hologram near the bottom right corner of the front of the note, which shows the value and the Euro symbol. When tilted, the hologram shows the value and an image of a window. There is also a colour-changing numeral (50) in the bottom right corner of the bank of the note, which changes from purple to olive green.
3. MX$500
The Mexican peso has long been among the most counterfeit currencies around the world. In 2023, more than half of all 284,614 counterfeit Mexican pesos found across the country were fake 500-denominated peso bills. In 2024, authorities across Mexico have detected more counterfeits, with some of the latest cases being from Baja California. In November, police arrested two individuals in the city of Mexicali and seized counterfeit 885,000 pesos, along with US$286,000 worth of fake dollars. In October, another criminal network dealing with the printing and distribution of counterfeit currency was caught in Mexico City. Thousands of fake peso bills were produced as part of the criminal organization in Guanajuato, Veracruz and Hidalgo.
Several security features can help spot a counterfeit peso bill. The MX$500 note is printed on cotton paper and has a colour-changing numeral on the front of the note. The denomination (500) changes from green to blue when the bill is tilted. There are also two watermarks; one corresponding to the portrait and another showing the denomination of the banknote. Also, there are multiple images on both sides of the note that are formed by very small lines that can be observed with a magnifying glass. These tiny shapes of several different colours form the larger objects on the note; they cannot be copied using a regular copier machine.
4. ₹500
The Indian rupee is among the most counterfeited currencies in the world, with more than 79.8 million rupees worth of fakes detected between April 2023 and March 2024. In total, 225,769 counterfeit rupee banknotes were seized. The authentication of these notes is not always straightforward; the 500-denominated bill is printed on cotton paper and the latest designs, in circulation since 2016, feature a portrait of Mahatma Gandhi on the obverse and the Red Fort monument on the reverse. It features a see-through register with the numeral “500” in the bottom left corner; the “500” is formed only when the note is held up against the light and the two pieces of the puzzle come together. Next to it, there is a hidden numeral that appears when the note is tilted. The green numeral in the bottom right corner of the bill also changes to blue when the note is tilted.
5. £20
The 20-denominated British pound sterling is the most common pound note in circulation and last year, over 106,000 of all 116,000 counterfeit notes destroyed by the Bank of England were 20s. In 2024, there might be a rise in counterfeit banknotes seized by the police since criminals tend to take advantage of the fact that many people might not be familiar with recently introduced designs.
The release of the King Charles III banknotes this summer has led to an increase in attempts to forge the new notes. In a single operation, a Europol-coordinated effort seized 9,186 British pounds, along with fake Euro and U.S. dollar bills this October. Thousands of counterfeit notes have also been intercepted within the UK; fake £20 have been seen in Cheltenham and Gloucester; there have also been reports of counterfeits in Bangor, Cowbridge and across Wales.
Several key security features can be used to authenticate a £20 note, one of which is the see-through window, where the portrait of either King Charles III or the late Her Majesty can be seen. Along with the portrait, there is also the denomination (“£20”) and “Bank of England”, printed twice around the edge. There is an image of a tower or lighthouse in the window that should be in gold foil and have “radiating rings” appear when the note is tilted. The building behind it is in blue foil and is made of rows of £20s. On the back of the note, a purple foil patch with the letter “T” is visible, while on the front, a silver foil patch shows a 3D image of the coronation crown. Another important element is the hologram image in the lower silver patch section of the note where the word “Twenty” changes to “Pounds” when the note is tilted from side to side.
There are several security elements on banknotes that can help consumers spot a counterfeit bill:
- Watermark – Watermarks are the most well-known security feature and have been used in banknote authentication for decades. Despite the attempts to copy a watermark, the easiest way to recognise whether it is genuine or not is to hold it up to a light source. It should not be visible otherwise.
- Intaglio (raised) printing – The slightly raised printing gives the banknotes a distinct texture that can be easily felt by running fingers across numerals, portraits, and other design elements. This is a long-lasting feature that counterfeits simply do not have.
- UV fluorescence – Most banknotes nowadays, including the 5 most counterfeited ones, feature elements that are visible only when exposed to ultraviolet light. They are embedded into the banknote and glow under a UV lamp. Of course, UV lamps are typically used only by retailers and banks.
- Tactile features – This is a commonly used feature aimed at the visually impaired that is also useful when authenticating a banknote. These are typically raised dots or lines, easily recognizable by touch.
- Microtext – Another safety element widely used by central banks is microtext, which is visible only under a magnifying glass. Using an ordinary device like this, one can instantly see microprinting in different parts of the banknote. Usually, the microtext includes the denomination of the banknote, the country, or the name of the central bank.
The survey’s full report provides detailed calculations, sources, and the complete methodology behind these findings. Detailed data can additionally be accessed from Google Docs via this link.
