In Austria, a total of 7,842 counterfeit banknotes were withdrawn from circulation in 2023, a significant increase compared to the two previous years. 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 pre-Corona levels. Most of the “blossoms” were again “false 50s”.
Total damage from counterfeits amounted to 481,930 euros (2022: 241,765 euros) and also approached pre-pandemic levels (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.
More than every third counterfeit bill is “50”
As in previous years, the 50 euro note was the most counterfeited banknote, accounting for 38.6 percent of all counterfeits withdrawn from circulation.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 of such seizures is 8,142. “After the past two years of historically low values (2021: 4,422 units; 2022: 3,887 units), the increase in 2023 to 7,842 units represented a return to the pre-pandemic level of 2019 (8,121 units) and thus remains below the long-term average.”
Police also seized 27,717 counterfeits (2022: 31,060) before they could be put into circulation. The “total counterfeit volume” will therefore increase to 35,559 pieces in 2023 (2022: 34,947 pieces).
The euro is “one of the most counterfeit currencies in the world”
“In 2023, there were a total of approximately 594 million banknotes in circulation in Austria,” explains OeNB board member Eduard Schock. “Almost two-thirds of all transactions are carried out in cash. This still makes cash the most popular means of payment in Austria.” Preparations for the third euro series began last year, so that it “remains one of the most counterfeit-resistant currencies in the world.” With three test steps “feel – see – tilt”, euro banknotes can be checked for authenticity even without technical aids.
According to the European Central Bank (ECB), a total of approximately 467,000 counterfeit euro banknotes have been withdrawn from circulation. 97.2 percent of counterfeits were discovered in euro area countries, 1.9 percent in EU member states outside the euro area and 0.9 percent in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 consisted of 20 and 50 euro notes.
The risk of receiving counterfeit money is very low
“It is very unlikely that we will get a counterfeit currency, because the share of counterfeit money remains low in relation to the number of genuine euro banknotes in circulation: in 2023, only 16 counterfeits were discovered per million genuine banknotes in circulation,” it was emphasized. This is one of the lowest percentages since the introduction of the euro banknotes. In any case, the number of counterfeits remains lower than in the years before Corona. In 2019, the year before the pandemic started, this value was 23 per million. During 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.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
