Counterfeit notes on the increase

Latest figures from the European Central Bank have indicated that there is a sharp rise on the amount of counterfeit notes in circulation throughout the Euro zone.

The report says that a total of 413,000 counterfeit euro banknotes were withdrawn from circulation in the first half of this year according to new data from the European Central Bank (ECB).

This is an increase of 17 percent in terms of the quantity of notes recovered in the previous six months.

The most counterfeited banknote was the 20 euro note, which accounted for almost half of all counterfeits found. The three mid-range denominations of 20, 50 and 100 euro together accounted for more than 95 percent of all counterfeits.

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The ECB and the national central banks of the euro zone are advising the public to remain alert with regard to the banknotes received in cash transactions. The ECB said the more familiar one is with the properties and characteristics of genuine banknotes, the easier it will be to detect a counterfeit.           BizWorld