Over recent months, there has been wide-spread media reports of a spike in the number of counterfeit notes in circulation across Brisbane, Sydney, Melbourne and Perth.  Businesses in these cities have confirmed an increase in fake notes filtering through their cash registers.

It appears that the decision by the RBA to release the new $50 as the third in the series may have caused panic within counterfeiting rings motivating them to dump their stockpile in anticipation of the new $50 due out in September 2018.

Cash remains a popular payment instrument in Australia, and as such, it is important to ensure that it remains secure and easy to use. The Reserve Bank carefully monitors counterfeiting activity and constantly researches new security features. While improvements in technology have seen both the rate and quality of counterfeiting in Australia increase in recent years, it nevertheless remains low relative to the experience of many other countries.

Australian banknotes are updated periodically to ensure they remain secure into the future.  We have already seen the release of the new $5 note in 2016 soon to be followed by the $10, $50, $20 and finally the $100 in that order.

10 note

Even with the increased counterfeit activity in Australia, having a reliable counterfeit detector and well trained staff can certainly decrease the risk of taking fraudulent currency. ACAPMA Partner, Prefect Agencies provides a comprehensive range of counterfeit detection equipment and offers training seminars for groups to ensure you are fully protected.

If you are in possession of suspected counterfeit banknotes, counterfeit coins or counterfeit prescribed securities you should contact your local police or the Australian Federal Police in your state/territory. You should also complete a Suspect counterfeit banknote form detailing the circumstances of how you came into possession of the counterfeit to assist police.

Visit the RBA website for information on detecting counterfeit banknotes.

Counterfeit Detection Guide