How easy to do you think it is to tell fake banknotes from the real ones?
Counterfeit money accounted for 0.0025% of the 4.6 billion banknotes circulating in 2023, according to the Bank of England.
That means £2.5 million worth of fake money was hiding among the £82billion of real ones doing the rounds.
But fraudsters are touting their wares on social media platforms like Instagram and Facebook, where £10,000 worth of fake notes are sold for as little as £1,000.
Mario Van Poppel, CEO of currency exchange firm Manor FX, said: ‘The audacity of these criminals is staggering.
‘They are brazenly promoting counterfeit currency, capitalising on the reach and anonymity that social media and the internet provides.
‘This poses a significant risk, not only to individuals who are duped into buying these fake notes but also to businesses and the broader economy.’
Counterfeit cash has been enough of a concern in the past for the Bank of England to start printing money on ploymer rather than cotton-paper.
If you do find yourself conned by worthless counterfeit cash, the Bank of England won’t refund you.
You may even be at risk of criminal charges, even if you believed the money to be real, so you are advised to hand the notes to police as soon as possible.
So how can you tell real from fake?
You’ll have noticed the difference in touch when banknotes switched from cotton-paper to ploymer.
The distinctive feel is crisp and firm, with areas of raised ink for the denomination and important symbols.
Fake notes may feel smoother, waxy or less crisp.
Holding a banknote to light should reveal a watermark embedded into the paper.
Counterfeits will have poor imitations, if they have watermarks at all.
On real, modern banknotes, this strip changes colour and reflects light when viewed from different angles.
If your note has dull, static strips that don’t act the same way, it’s fake.
You can’t see it on first glances, but UK banknotes have a hidden banknote or symbol that glows in UV light.
They’ll be missing or less sophisticated on counterfeits.
Numbers, logos and borders will be clear and sharp, even under a magnifying glass, on authentic banknotes.
Check for blurs and smudges that will reveal a note is fake and produced with lower quality printing.
Mr Van Poppel believes counterfeiters, who face up to 10 years in prison, are targeting people in financial difficulties, who may be more inclined to believe the scam will work.
He said: ‘It is worrying to see organised criminals advertising so boldly on social media and preying on vulnerable people.
‘These ads offer a dangerous fantasy but can get buyers into a lot of trouble.’
A spokesperson for Meta, which owns Facebook and Instagram, said: ‘Fraudulent activity is not allowed on our platforms and we’ve removed the content brought to our attention.
‘We are continually investing in new technologies to tackle this industry-wide issue, and encourage people to report activity like this to us and the police, so we can take action.’
Bank of England said it is aware of online accounts advertising fake money.
It website says: ‘Often these are cases of deceptive fraud (scams), even where they show images or video.
‘These ‘adverts’ may be seen on social media, marketplaces and forums. You should never attempt to purchase any of these items.’
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