Britons are being urged to check their cash carefully as the number of counterfeit banknotes in circulation has more than doubled compared to last year, according to the National Crime Agency. The £20 and £10 notes are the most commonly forged denominations across the UK.
Possessing, producing, or passing counterfeit notes is a criminal offence punishable by up to 10 years in prison and asset seizure. However, many people unknowingly accept fake notes, leaving them out of pocket as the Bank of England does not reimburse holders of counterfeit currency.
A BBC Breakfast investigation highlighted the impact on small businesses. Postmaster Imran Khan explained that when customers pay with cash, the post office machine sometimes rejects the notes as fake, leaving the business with worthless currency.
Although encountering a counterfeit note is rare—with 200,000 fake notes among 5 billion genuine ones—the Bank of England advises checking security features before accepting cash. Genuine notes have a foil strip that changes between 'pound' and the denomination, a see-through window, and a hologram that shifts colour when tilted.
Anyone who receives a suspected counterfeit note should hand it to the police for examination by the National Crime Agency and the Bank of England. The Bank also urges reporting online adverts selling counterfeit notes, as counterfeiting funds organised crime and harms the economy.
