On Monday 24th of February, the Central Bank of Cyprus (CBK) reported that 571 counterfeit euro notes were seized on the island in 2024, 11% less than in 2023.
Despite the drop in counterfeits, the financial regulator advised the island nation's residents to remain vigilant and check their money when making payments.
According to the report, the most frequently counterfeited banknote in Cyprus remains the €50, which accounts for 36% of all counterfeits detected. However, the CBK stresses that the number of counterfeit banknotes remains small compared to the total amount of banknotes in circulation.
Interestingly, while the number of counterfeit banknotes in Cyprus decreased in 2024, the opposite trend was observed in EU countries. According to the European Central Bank (ECB), 554 000 such banknotes were seized in the EU in 2024, 18% more than in the previous year.
The €50 and €20 denominations continue to be the most counterfeited banknotes, accounting for 79% of all counterfeits detected. Most of these banknotes (97.8%) were found in euro area countries, while 1.3% were found outside the EU and 0.9% in other regions of the world.
If you are suspicious about a banknote, follow these recommendations
- Check the main security features: watermark, hologram, paper relief.
- Use the 'feel - look - turn' method: this is the main way of checking the authenticity of banknotes in the euro area.
- If in doubt, do not accept the banknote and politely ask for another.
- Inform the police - the sooner the information is passed on, the better the chances of catching the counterfeiters.
- Make a note of the appearance of the person who handed you the suspect note - any detail may be useful in the investigation.
- Do not try to pass on the counterfeit - this is a criminal offence.
- Take the suspect note to the bank or the police.If it is found to be genuine, your money will be returned.
The Central Bank of Cyprus reminds you that financial security begins with your own vigilance.For more information on how to check banknotes, please contact the CBK or follow its official instructions.