Mühltal, January, 15, 2008

Increasing damages experienced by counterfeit fraud

Counterfeiters are ever less successful with their bank notes in Europe – however, the damage they cause is great. In 2007, according to information received from the Deutsche Bundesbank (Central Bank) ,the damage caused by counterfeit in Germany alone amounted to Euro 3.8 million (compared to 3.2 million in 2006). The number of counterfeit coins reached a record level.

 

In the second half 2007 the Central Bank registered 20,540 counterfeit bank notes in the German transaction market. Despite the regressive development, the Euro 50 bank note is the most often counterfeited bank note. It accounts for over one third of all the fakes.

 

The Central Bank called on all citizens to check the bank notes conscientiously. Banks and trade associations have been pointing out the expenses of cash transactions for years and recommend the increased use of non-cash card payment.

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