Fake Banknotes Target Traditional Markets Before Lunar New Year Holiday... Easy Ways to Identify Them

Caution for Nighttime Operation of Stores by Elderly
Verify Anti-Counterfeit Devices

[Asia Economy Reporter Seo So-jeong] As the use of cashless payment methods has significantly increased, the number of counterfeit bills reported to the Bank of Korea last year was 150, marking the lowest level since related statistics began to be compiled, but they are still being discovered. Especially during the Lunar New Year holiday, as more people visit traditional markets, counterfeit bills mainly target traditional market shops operated by elderly merchants at night, so users need to exercise special caution.

According to the Bank of Korea on the 22nd, recently counterfeit bills have been widely circulated mainly at night in traditional market shops, supermarkets, and street vendors run by elderly merchants. There are also frequent cases where important anti-counterfeiting features such as holograms on the bills are damaged, causing them to be mistaken for counterfeit money.

For the general public to easily distinguish counterfeit bills, it is necessary to check the anti-counterfeiting features. The easiest method is to 'hold it up to the light, tilt it, and feel it.' When you hold a 10,000 won bill up to the light, you can see the hidden image of King Sejong. Checking the hologram is also essential. When you tilt the 10,000 won bill, the map of Korea, the Taegeuk symbol, the number 10000, and the four trigrams appear alternately depending on the angle. If you touch the right side portrait of King Sejong, the text, and the numbers, you can feel a raised texture due to intaglio printing.

In the case of the 50,000 won bill, when held up to the light, the hidden image of Shin Saimdang appears. Unlike the 10,000 won bill, there is a band-shaped hologram on the left edge of the front side. This is a special film band, and depending on the viewing angle, the map of Korea, the Taegeuk, and the four trigrams patterns appear alternately at the top, middle, and bottom, with the face value number 50000 written vertically in between. The background of the hologram band contains geometric patterns, and at the left end of the hologram, 'BANK OF KOREA 50000' is engraved vertically in two places at the top and bottom, while the right end has a traditional lattice pattern engraved in a single line. In the center, there is a three-dimensional partially exposed silver line, and when the bill is tilted, the Taegeuk pattern inside the exposed silver line moves. The portrait of Shin Saimdang, text, and numbers also have a raised texture that can be felt when touched.

There are also anti-counterfeiting features designed for professionals such as financial institution employees. In the case of the 50,000 won bill, when exposed to ultraviolet light, green fluorescent colors appear on the ink spots, and short fluorescent lines in red, blue, and green colors can be seen here and there. Additionally, when a specially made filter is placed over the bill, the hidden face value number (50000) is revealed through the filter.

Last year, a total of 150 counterfeit bills were discovered during currency handling processes or reported by financial institutions or individuals. By denomination, 5,000 won bills were the most common at 75, followed by 10,000 won bills at 43, 50,000 won bills at 23, and 1,000 won bills at 9. It was found that the counterfeit bills with serial number '77246,' produced by a large-scale counterfeiter arrested in June 2013, are still being found in large quantities among the 5,000 won bills (74 bills).

According to Articles 207 and 208 of the Criminal Act, anyone who counterfeits or alters currency for use as money faces life imprisonment or imprisonment for more than two years, and anyone who acquires counterfeit or altered currency for use as money faces imprisonment for up to five years or a fine of up to 15 million won.

The Bank of Korea stated, "If you use counterfeit or altered currency knowing it is counterfeit, you may face imprisonment for up to two years or a fine of up to 5 million won," and added, "If you discover counterfeit bills, you should immediately report them to the nearest police station or bank."

This content was produced with the assistance of AI translation services.