"Counterfeit Banknotes Increasingly Sold Through SNS"

Results of the Second Half Year 'Counterfeit Prevention Working Committee' Meeting Held

The Bank of Korea recently announced on the 12th that cases of mass-producing counterfeit bills and selling them through SNS are increasing.

According to the Bank of Korea, the Counterfeit Currency Prevention Working Committee held its regular meeting for the second half of 2024 on the morning of the 11th at the Bank of Korea headquarters in Jung-gu, Seoul. The committee reviewed the recent status of counterfeit currency discoveries, cases of counterfeit currency criminals being caught, new methods of counterfeit currency distribution using SNS, and discussed countermeasures to prevent the circulation of counterfeit currency in the future.

The committee is composed of counterfeit currency officers from six organizations: the Bank of Korea, the National Intelligence Service, the National Police Agency, the Korea Customs Service, the National Forensic Service, and the Korea Minting and Security Printing Corporation.

Meeting participants agreed that the recent distribution methods of counterfeit currency are shifting toward using digital platforms such as SNS, and that the system for blocking and monitoring counterfeit currency circulation must be further strengthened. In particular, they pointed out that while in the past most counterfeit bills were produced on a small scale and used directly, recently there has been an increase in cases of mass production of counterfeit bills sold through SNS, raising the possibility of an increase in counterfeit currency circulation.

Some participants noted that the level of counterfeiting is continuously becoming more sophisticated, and emphasized the need to respond with vigilance to prevent such technology from being misused for forging Korean won. They also stressed the long-term necessity of strengthening anti-counterfeiting features.

A committee official stated, "Going forward, the Counterfeit Currency Prevention Working Committee will do its best to establish a sound currency circulation order by proactively blocking the manufacture and distribution of counterfeit currency based on close cooperation among related agencies," and added, "We plan to improve the 'Easy-to-Understand Counterfeit Currency Verification App,' developed together with the National Forensic Service, in the first half of next year."

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