The number of counterfeit banknotes discovered in Germany rose again sharply in 2024, and reached the highest level since 2017, according to figures released on Friday by the German Bundesbank central bank.
Police, retailers and banks in Germany withdrew 72,413 counterfeit banknotes from circulation in 2024, a 28% rise compared to 2023.
“We are seeing an increase in the number of counterfeits both in Germany and in the eurozone,” said Burkhard Balz, a member of the Bundesbank executive board.
In Europe as a whole, the number of euro banknotes seized increased by 18.6% year-on-year to 554,000.
However, fewer high-value counterfeit €200 and €500 (about $210 and $525) bills entered payment transactions last year – such as fraudulent purchases of expensive watches or cars.
As a result, despite an increase in the number of counterfeit notes, the total financial damage caused by counterfeit money in Germany fell from €5.1 million in 2023 to €4.5 million last year.
Printing of legitimate €500 bank notes ended in 2019, and the €100 and €200 bills were recently revamped with new security features.
“However, this does not mean that counterfeiting has improved,” emphasizes Balz. “The mostly primitive counterfeits are clearly recognizable as such.”
For example, €10 and €20 notes with the imprint “MovieMoney” or “Prop copy” have been in circulation for years. Criminals make use of these bills offered on the internet as play money or movie props.
However, the most recent amount of damage caused by counterfeit money in Germany is still the fourth-highest total in the last 20 years.
In the broader eurozone, the damage caused by counterfeit banknotes actually increased, rising from €25 million in 2023 to €26.2 million last year.
Source: dpa.com