Over the years in global finance, the Euro currency has stood for unity and economic stability. Introduced in 1999, it has become the second most traded currency in the world, serving as the official tender for 19 of the 27 European Union member states. But everything that has a vast usage is also the one that’s exploited the most. With the widespread usage of Euro currency, there comes an inevitable challenge of counterfeit currency which is threatening the integrity of the Eurozone economy. In this blog, we will further talk about various ways to detect counterfeit currency and numerous ways to uncover this situation.
Table of contents
What is Counterfeit Euro?
Counterfeit currency refers to money produced without the official authorisation of a government or state with the intention of committing fraud. The production or circulation of counterfeit money constitutes fraud or forgery and is unlawful across all jurisdictions worldwide.
One of the main reasons that counterfeiters are attracted to this European denomination is because of its high value and huge circulation. Despite strong measures taken by the European Central Bank (ECB), forgers are still finding and evolving methods to mimic genuine currency notes. The making of forged notes usually involves a refined mix of traditional printing methods, making detection a challenging test.
Also Read: Do check out 7 Incredible Business Ideas for Students
How to Detect Counterfeit Euros?
Detecting counterfeit Euros requires proper understanding and attention to the features of a genuine Euro note. You can check the note by examining the paper and print quality, as genuine Euros have distinct textures and intricate details. You can also use tools like UV lights to check for security features such as watermarks, holograms, and security threads. Check more details below:
Feel the Texture
Genuine euro banknotes have a special texture due to the cotton fibres used in their production. Direct your finger over the surface to feel the raised printing, which includes the denomination, the European Central Bank’s abbreviation and of course, the euro symbol.
Inspect the Watermark
Just like in Indian currency, Euro notes also have a light-sighted watermark to confirm their authenticity. This must be carefully checked whenever you receive a note of high denomination. You can check the watermark even in bright sunlight or by holding it upwards in front of the light.
Examine the Hologram
The holographic stripes on the euro banknotes display an image that changes when tilted, revealing intricate patterns and the banknote’s face value. Fake holograms often lack the depth and detail of real holograms.
Check the Security Thread
The security thread is a thin metal strip embedded in the banknote that contains microprinting of the denomination and euro symbol. When you hold the thread up to the light, it should appear as a continuous line running vertically across the bill.
Verify the Color-Shifting Ink
Some euro banknotes have colour-changing ink on the numbers on the back. Tilt the bill and see if the numbers change colour from purple to olive green or brown.
Pay Attention to Microprinting
Genuine euro banknotes contain microprinting that is clearly visible even when enlarged. Counterfeit banknotes often lack this level of detail because the microprinting is blurry or unclear.
Also Read: Do check out Mastering Your Finances: Explore the Importance of Budgeting
The increasing presence of Euro currency presents an obstacle to the Eurozone economy’s credibility. Yet by remaining vigilant and informed both individuals and businesses can safeguard themselves against becoming targets of counterfeiters.
By acquainting yourself with the security measures mentioned earlier and staying updated on risks one can play a role in upholding the Euros standing as a symbol of dependability and assurance in the financial sphere. It’s crucial to bear in mind that uncovering each Euro represents a triumph, for the credibility of our currency and the stability of our economy.
FAQs
Counterfeit money is currency produced outside of the legal sanction of a state or government, usually in a deliberate attempt to imitate that currency and to deceive its recipient.
The serial numbers on this series are the two numbers printed on the back of the banknote: a horizontal number printed in black and a vertical number printed in a different colour. The horizontal number comprises two letters and ten digits.
€20 and €50 denominations continued to be the most counterfeited, together accounting for more than 70% of the total.
It may not come as a surprise to learn that the US dollar is the most commonly counterfeited currency in the world according to the Federal Reserve Bank of Boston.
In the UV counterfeit detection method, the machine throws ultraviolet light on the note to detect marks made using non-visible ink. Currency notes often have marks of authentication imprinted on them that are only visible under UV light.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
Follow Us on Social Media
