Beware of the counterfeit cash circulating in major retailers
- Replies 25
Australians are being warned about a new threat to their hard-earned money: counterfeit cash.
This isn't just any fake money, though. These are high-quality counterfeits being sold online that are so convincing they could potentially fool major retailers like Coles and Woolworths.
Advertisements for these counterfeit banknotes have been popping up on Facebook, showcasing stacks of $50 and $100 bills.
One seller even assured Yahoo Finance that the notes would be accepted at Coles and Woolworths and could be shipped within two days of receiving payment via cryptocurrency.
The asking price? A mere $250 for $3,000 worth of counterfeit cash.
It's important to remember that knowingly possessing counterfeit notes is a criminal offence.
Furthermore, victims who unwittingly end up with these fake notes in their wallets or tills will not be reimbursed.
The Reserve Bank of Australia (RBA) has reported that counterfeiting has been on the decline since peaking in 2015.
However, Australian business owners are still feeling the financial sting of counterfeit cash.
A South Australian supermarket, for instance, discovered a fake $50 note in its till on December 30.
The advertisements for counterfeit cash could also have a more sinister motive: scamming vulnerable Australians.
Those looking for a quick fix to their financial woes could be tricked into transferring money to scammers under the guise of purchasing counterfeit cash.
The social media advertisements also boasted that their cash would pass testing and wouldn't be rejected by poker machines.
However, some fake cash is easier to spot than others, with some notes being printed on paper or featuring odd designs.
The RBA has stated that it cannot verify whether the images used in these online advertisements are legitimate or fake.
A reverse Google image search revealed that some of the pictures were taken from police investigations into alleged drug dealing.
The central bank, which produces banknotes in Australia, advises the public to check the security features of any cash they receive if they have concerns about its authenticity.
'If they still have concerns, suspect counterfeit banknotes can be submitted to the Australian Federal Police for expert examination,' a spokesperson said.
'If the notes are deemed genuine, they will be returned with written confirmation stating as such.'
The AFP has warned that crimes associated with the possession or use of counterfeit money can result in a fine of up to $2,000 or 12 years in prison.
'We remind the public to be aware of security features that are present on all genuine Australian banknotes and help to determine if it is real currency,' a spokesperson from the AFP said.
'Australian currency is also made from more durable materials—specifically, polymer—compared to paper-based currencies, which is what counterfeit notes are mainly made of.'
Sarah Megginson, a Personal Finance Expert at Finder, advised Australians not to resort to counterfeit money.
'Using counterfeit cash is a serious crime that can lead to legal consequences,' she said.
'There are so many other steps you can take before resorting to such dire measures.'
She suggested contacting billers to access hardship programs.
'They might be able to set up payment plans, waive some fees or enter you into a repayment holiday.'
For those needing free financial counselling, the National Debt Helpline is available at 1800 007 007. They can assist with restructuring debts and even applying for debt forgiveness.
If you're concerned about the authenticity of a note, you have the right to refuse it.
The RBA recommends comparing a suspect note to a genuine one and checking for differences.
Below are the things to look out for in spotting counterfeit money:
Counterfeit money undermines the trust in our currency and can lead to inflation if left unchecked. It's not just a problem for the individual who ends up with a fake note in their wallet but for the entire economy.
Furthermore, the rise of counterfeit money being sold online highlights the importance of being vigilant when conducting transactions, particularly those involving cash. It's crucial to familiarise yourself with the security features of Australian banknotes, such as the clear window, micro printing, and the distinctive feel of the polymer notes.
Have you ever seen counterfeit money being sold online? Share your experiences and tips for spotting fake notes in the comments below.
This isn't just any fake money, though. These are high-quality counterfeits being sold online that are so convincing they could potentially fool major retailers like Coles and Woolworths.
Advertisements for these counterfeit banknotes have been popping up on Facebook, showcasing stacks of $50 and $100 bills.
One seller even assured Yahoo Finance that the notes would be accepted at Coles and Woolworths and could be shipped within two days of receiving payment via cryptocurrency.
The asking price? A mere $250 for $3,000 worth of counterfeit cash.
Australian counterfeit banknotes are being sold for a cheaper price on the internet. Image source: krakenimages.com on Freepik.
It's important to remember that knowingly possessing counterfeit notes is a criminal offence.
Furthermore, victims who unwittingly end up with these fake notes in their wallets or tills will not be reimbursed.
The Reserve Bank of Australia (RBA) has reported that counterfeiting has been on the decline since peaking in 2015.
However, Australian business owners are still feeling the financial sting of counterfeit cash.
A South Australian supermarket, for instance, discovered a fake $50 note in its till on December 30.
The advertisements for counterfeit cash could also have a more sinister motive: scamming vulnerable Australians.
Those looking for a quick fix to their financial woes could be tricked into transferring money to scammers under the guise of purchasing counterfeit cash.
The social media advertisements also boasted that their cash would pass testing and wouldn't be rejected by poker machines.
However, some fake cash is easier to spot than others, with some notes being printed on paper or featuring odd designs.
The RBA has stated that it cannot verify whether the images used in these online advertisements are legitimate or fake.
A reverse Google image search revealed that some of the pictures were taken from police investigations into alleged drug dealing.
The central bank, which produces banknotes in Australia, advises the public to check the security features of any cash they receive if they have concerns about its authenticity.
'If they still have concerns, suspect counterfeit banknotes can be submitted to the Australian Federal Police for expert examination,' a spokesperson said.
'If the notes are deemed genuine, they will be returned with written confirmation stating as such.'
The AFP has warned that crimes associated with the possession or use of counterfeit money can result in a fine of up to $2,000 or 12 years in prison.
'We remind the public to be aware of security features that are present on all genuine Australian banknotes and help to determine if it is real currency,' a spokesperson from the AFP said.
'Australian currency is also made from more durable materials—specifically, polymer—compared to paper-based currencies, which is what counterfeit notes are mainly made of.'
Sarah Megginson, a Personal Finance Expert at Finder, advised Australians not to resort to counterfeit money.
'Using counterfeit cash is a serious crime that can lead to legal consequences,' she said.
'There are so many other steps you can take before resorting to such dire measures.'
She suggested contacting billers to access hardship programs.
'They might be able to set up payment plans, waive some fees or enter you into a repayment holiday.'
For those needing free financial counselling, the National Debt Helpline is available at 1800 007 007. They can assist with restructuring debts and even applying for debt forgiveness.
If you're concerned about the authenticity of a note, you have the right to refuse it.
The RBA recommends comparing a suspect note to a genuine one and checking for differences.
Below are the things to look out for in spotting counterfeit money:
Counterfeit money undermines the trust in our currency and can lead to inflation if left unchecked. It's not just a problem for the individual who ends up with a fake note in their wallet but for the entire economy.
Furthermore, the rise of counterfeit money being sold online highlights the importance of being vigilant when conducting transactions, particularly those involving cash. It's crucial to familiarise yourself with the security features of Australian banknotes, such as the clear window, micro printing, and the distinctive feel of the polymer notes.
.png){kind=icon}
