The European Central Bank (ECB) released, on Monday 29 January, its annual statistics on counterfeit euro banknotes.
The ECB reports that in 2023, 467,000 counterfeit euro banknotes were withdrawn from circulation.
In 2023, 16 counterfeit notes were detected for every million genuine notes in circulation. This is one of the lowest levels observed, as a proportion of total banknotes in circulation, since 2002. However, this marks a very slight increase on the previous two years (12 notes per million genuine notes in circulation in 2021 and 13 in 2022). The low level of counterfeit notes detected at the time was exceptionally low due to the Covid-19 pandemic.
However, the number of counterfeit banknotes detected remains below the level observed in the years preceding the pandemic, enabling the ECB to affirm that euro banknotes remain a secure and reliable means of payment.
The €20 and €50 denominations in particular appear to have been the most counterfeited, accounting for more than 70% of the counterfeits detected.
The ECB reminds the public that they can check the authenticity of euro banknotes by using the simple “feel, look and tilt” method, as counterfeits do not contain any security features.
In addition, the Eurosystem supports professionals who regularly handle cash so that banknote processing machines can systematically identify counterfeit notes, which are then withdrawn from circulation. More generally, the Eurosystem actively supports law enforcement agencies in the fight against currency counterfeiting.
Finally, the ECB points out that paying with counterfeit notes is a criminal offence punishable by law. If a banknote is found to be suspect, contact the police, the relevant national central bank or your own bank, in accordance with national practice. (Original version in French by Émilie Vanderhulst)