143 Counterfeit Bills Discovered Last Year... 27% Decrease Compared to Previous Year

by Lee Changhwan

Published 09 Jan.2025 12:00(KST)

As Contactless Transactions Increase, the Number of Counterfeit Banknotes Detected Decreases

Counterfeit banknote illustration

A total of 143 counterfeit bills were discovered in South Korea last year.

According to the "2024 Mid-Year Counterfeit Currency Discovery Status" announced by the Bank of Korea on the 9th, the number of counterfeit bills found last year was 143, a 27.4% decrease compared to the previous year (197 bills).

In terms of amount, the total value of counterfeit bills discovered last year was 1.93 million KRW, down 7.1% from 2.078 million KRW the previous year. Domestic counterfeit bills increased from 152 in 2022 to 197 in 2023, but decreased again last year.

A Bank of Korea official stated, "The decrease is believed to be due to the increased use of non-cash payment methods reducing the use of cash for face-to-face transactions, as well as the public's improved ability to identify counterfeit bills."

By denomination, the counterfeit bills discovered last year were mostly 75 bills of 5,000 KRW, 40 bills of 10,000 KRW, 23 bills of 50,000 KRW, and 5 bills of 1,000 KRW.

Among these, the 5,000 KRW bills are largely due to the serial number '77246' counterfeit bills (74 bills) produced by a mass counterfeiter in 2013, which are still frequently found. Excluding these, the Bank of Korea explained that the discovery of new counterfeit bills remains at a low level.

By discoverer, counterfeit bills were found mostly during currency handling by financial institutions: 7 bills by the Bank of Korea, 132 bills by financial institutions, and 4 bills by individuals. By region, 81 counterfeit bills were found in the Seoul metropolitan area, including Seoul, Gyeonggi, and Incheon.

Meanwhile, the law enforcement agency recognized for outstanding performance in apprehending currency counterfeiters last year was the Gimcheon Police Station of the Gyeongbuk Provincial Police Agency. The police station was acknowledged for its prompt arrest of one counterfeiter through active investigative activities such as inquiries, tracking, and surveillance conducted in September 2024.