Counterfeit banknotes on the rise in first half of 2017

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Counterfeit banknotes on the rise in first half of 2017

According to the Bank of Korea on Sunday 912 counterfeit bills were discovered in the first six months of the year, a 28.5 percent increase over a year earlier.

It was the largest number of counterfeits in two years. In the first half of 2015, 2,728 counterfeit bills were found.

Among the counterfeits bills, 10,000 won notes accounted for the most: 70.5 percent or 643 bills.

In the second half of last year, the government found 490 counterfeit 10,000 notes, marking a 31.2 percent increase.

Among the 643 bills, 469 of the 10,000 won note had the same serial number (JC7984541D). The counterfeiters used a color printer and therefore failed to replicate the hologram and the hidden images on actual bills.

The second largest number were 5,000 won notes, 211 bills, followed by 50,000 won notes (50) and 1,000 notes (8).

The counterfeits were mostly detected at financial institutions including banks. The Bank of Korea detected 234 counterfeits while individuals found 18.

Seoul took the No.1 spot with 314 bills (34 percent) followed by Gyeonggi province with 150 (16.4 percent).

By Lee Ho-jeong
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