Organised syndicates continue to flood Australia with counterfeit banknotes, especially $50 notes, costing businesses and consumers millions of dollars.
The Reserve Bank of Australia (‘RBA’) estimates only about 55 notes out of every million are counterfeit. Whilst that may seem small, the Australian Federal Police report that counterfeit related crimes are increasing, due to the realise of the next generation bank notes.
Whilst it is believed that Australia has one of the ‘most secure’ currencies in the world, the RBA has been upgrading the security features of the Australian bank note since 2016. It’s about time, given that the polymer technology in our notes was introduced into circulation in 1988.
It is worthy to note (no pun intended) that All Australian banknotes have similar security features, though their location can vary on the banknote. To this end, we recommend that you use the following guide when trying to spot a counterfeit banknote:
Try scrunching the banknote in your hand – a genuine banknote should spring back. It is also difficult to start a tear along the edge of a genuine banknote
The Australian Coat of Arms should appear on the bank note when held up to the light
Diamond-shaped patterns are printed inside a circle on both sides of the banknote. If you hold the banknote up to the light, the patterns should line up perfectly to form a seven-pointed star
The clear window is an integral part of the banknote. Check that the white image printed on the window cannot be easily rubbed off. Excluding the $5 note, each note should display its value inside the clear window.
For more information, please refer to the RBA’s Counterfeit Detection Guide.