By CHRIS GRAEME chris.graeme@theresidentgroup.com
The Bank of Portugal has admitted that the number of counterfeit 50 Euro bank notes in circulation doubled in the first six months of the year compared with the second half of 2009.
The institution discovered 5,218 false notes between January and June against 2,719 from August to December 2009.
But, according to the regulatory authority, it’s not just fake 50 Euro notes that have increased in circulation.
The number of false notes in general was up 74 per cent for the first half of the year compared with the second half of 2009.
The central bank withdrew almost 10,000 notes from circulation worth more than 600,000 Euros.
However, the Polícia Judiciária claims that the bank’s results do not reflect reality since procedural changes in how fakes are detected have distorted the records.
The police say that criminal activity in this area has not particularly risen in the past 12 months compared with previous years.
According to the Bank of Portugal, counterfeit notes discovered in
circulation in the six months analysed were run-of-the-mill fakes that were easily identified.
Overall, the number of counterfeit notes circulating in the European Union has been falling recently according to the European Central Bank.
In fact, the number of notes seized (387,000) fell for the first time in the second half of 2009 by 13 per cent. It had stood at 447,000.
In the first half of 2010, 5,218 fake 50 Euro notes were withdrawn worth 260,900 Euros and 3,081 20 Euros notes worth 61,620 Euros were also detected.
Other counterfeit Euro denominations included 557 100 Euro notes, 436 10 Euro notes, 408 500 Euro notes, 99 200 Euro notes and 75 five Euro notes.
How to identify a counterfeit note:
According to the authorities, detecting a counterfeit note is relatively easy by checking the water marks, the dark security stripe and iridescent bands.
Get a Euro note that you know to be real and compare it to a test note of the same denominational value.
Compare the two notes side-by-side under the light. Feel the texture. Euro notes are made of 100 per cent cotton material which makes the notes feel hard, stiff and firm when touched.
Fake notes feel flimsy and smooth to the touch.
Also hold the note up to the light and look for the whole denomination number on all corners on both sides of the bank note.
The number should look perfectly printed and not missing corners or ink on any parts.
Lastly, hold the note at an angle under the light and look for the hologram symbol.
The hologram image changes from the value number to a window or to a door symbol interchangeably while the denomination number on the back of the note should change from purple to green.
