Counterfeit Corner

Counterfeit deterrence requires a three-pronged approach.

• Banknote design security
• Public education
• Law enforcement

These three attributes are vital in the deterrence of counterfeiting. If any of the three are deficient, it allows an opportunity for the counterfeiter to pass their fake notes into circulation.

Most of the time, we only think about increasing the security within a banknote design, whether this be in the substrate, inks or applied security features, as the primary way to deter counterfeiters. Now don’t get me wrong: this is an important aspect in deterring counterfeiters from creating a counterfeit that comes close to replicating the genuine banknote.

However, you can have the best security built into the banknote, but if the public doesn’t know what to look for, the counterfeiter could pass anything resembling a banknote.

This makes public education a crucial component for central banks to consider, especially when a new design is being released into circulation. A simple, memorable message is usually the best approach. Creating banknotes with intuitive security features will help make it easier for a cash user to differentiate between a genuine and a counterfeit.