Image: Reuters
According to statistics published by the Oesterreichische Nationalbank (OeNB) on Monday, despite the significant increase “after two historically low years”, the values are below the long-term average, but are again roughly at the pre-Corona level. Most of the “blooms” were again “false 50s”.
The total damage caused by counterfeits amounted to 481,930 euros (2022: 241,765 euros) and also approached the pre-pandemic level (2019: 561,850 euros). The largest number of “blossoms” (33.3 percent) appeared in Vienna. Upper Austria and Lower Austria followed with 15.2 and 15.1 percent respectively.
- From the archive: 600,000 euros: largest counterfeit money find ever in Upper Austria (OÖNplus)
The 50 is the most counterfeit banknote of all
As in previous years, the 50 euro note was the most counterfeited banknote, accounting for 38.6 percent of all counterfeits seized from circulation. The 20 euro note (25.4 percent) and the 100 euro note (24.3 percent) followed in second place.
The National Bank analyzed that the long-term average number of such seizures is 8,142. “After the last two years with historically low values (2021: 4,422 pieces; 2022: 3,887 pieces), the increase in 2023 to 7,842 pieces meant a return to the pre-pandemic level of 2019 (8,121 pieces) and thus remains below long-term average.”
The police also seized 27,717 counterfeits (2022: 31,060) before they could be put into circulation. The “total counterfeit volume” will increase to 35,559 items in 2023 (2022: 34,947 items).
Cash is the most popular means of payment in Austria
“The banknotes in circulation in Austria totaled around 594 million in 2023,” explained OeNB board member Eduard Schock. “Almost two thirds of all transactions are carried out in cash. This continues to make cash the most popular means of payment in Austria.” Last year, preparations began for the third euro series so that it “remains one of the most counterfeit-proof currencies in the world.” With three test steps “feel – see – tilt” – euro banknotes can be checked for authenticity even without technical aids.
- Background: State Criminal Police Office warns of increasing circulation of counterfeit money
Around 467,000 banknotes were withdrawn from circulation
According to the European Central Bank (ECB), a total of around 467,000 counterfeit euro banknotes were withdrawn from circulation. 97.2 percent of the counterfeits were discovered in euro countries, 1.9 percent in EU member states outside the euro area and 0.9 percent in the rest of the world. More than 70 percent were nominal 20 and 50 euro notes.
“Getting a counterfeit is very unlikely, as the proportion of counterfeit money remains low relative to the number of genuine euro banknotes in circulation: in 2023, only 16 counterfeits were detected per million genuine banknotes in circulation,” it was stressed. This is one of the lowest proportions since the introduction of euro banknotes. In any case, the number of counterfeits remains lower than in the years before Corona. In 2019, the year before the pandemic began, this value was 23 per million. In the Corona years there were significantly fewer: in 2020, 17 counterfeits were found per million genuine banknotes, in 2021 there were only twelve counterfeits per million and in 2022 there were still 13 counterfeits.
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Source: Nachrichten
