Counterfeit currency

Organised criminals involved in currency counterfeiting in the UK produce a variety of banknote types, including Bank of England and Scottish sterling and euro notes. The volume of counterfeit Bank of England banknotes taken out of circulation increased by 136% between 2007 and 2008.  The most heavily counterfeited note was the ‘Adam Smith’ GBP 20 note.  The Bank of England judges that almost all counterfeit notes are removed from circulation quickly as a result of retailers banking their takings. 

Between 2005 and 2008 the level of euro counterfeiting increased Europe-wide. The number of counterfeit euros recovered in this period rose from EUR 565,000 to EUR 666,000.  UK-based organised criminals are producing high quality counterfeit euro banknotes using both lithographic and desktop counterfeiting techniques.

New methods of faking banknotes

The market has changed over the last ten years. High quality counterfeit notes can be produced very quickly by skilled printers using traditional offset lithographic methods. However, organised groups are also producing digitally printed fakes, using the latest technology and laser or inkjet printing techniques. Offset lithographic printing remains the more serious threat; notes are of a high quality and can be produced quickly. 

Organised criminals involved in currency counterfeiting are increasingly coming together to operate as linked networks. While groups may produce their own unique fake banknotes, some will “finish” (add the foil security features to) or distribute counterfeits from other groups. Circulating fake money is high risk, so large batches are broken down for distribution, usually by street-level criminals. 

For information on how to identify a genuine banknote, visit the Bank of England website