Ukrainians are being "slipped" counterfeit hryvnias: which banknotes are most often counterfeited

The most commonly counterfeited hryvnia banknotes in Ukraine are the old design (issued before 2015). The most popular is the counterfeiting of 500 UAH notes, accounting for 39% of the total number of seized counterfeits and 57% of their total amount.

The National Bank of Ukraine reported on it. They noted that they also often counterfeit:

• 200 UAH - 45% of the total number of seized counterfeits and 26% of their total amount;
• 100 UAH - 8% and 2%.

"Most of the counterfeit national currency notes withdrawn from circulation were of poor quality and designed to make citizens and cashiers of retail establishments inattentive. The NBU put them into circulation in 2015-2020), and have an enhanced security system," the statement said.

At the same time, it is emphasized that in general, the level of counterfeiting of hryvnia banknotes decreased by more than three times in 2022. For example:

• in 2022, there were about 2.2 counterfeit banknotes per 1 million genuine ones;
• in 2021, there were about 7.1 counterfeits per 1 million genuine banknotes.

How to check the authenticity of hryvnia banknotes 

There are several ways to check the authenticity of hryvnia banknotes. In particular, by touch.

"This is how the banknote paper and the relief of individual images on the front of the banknote are checked, which is provided by a special type of printing," the NBU explains.

You can also check by placing the banknote against the light. This is how you check:

• the presence of watermarks (an image of a portrait that repeats the portrait printed on the front of the banknote, as well as an image of the digital denomination or graphic sign of the hryvnia)
• the presence of a through element (combined image) - a fragmentary image of the digital denomination of the denomination made on the front and back sides acquires a holistic appearance without breaks and shifts when the banknote is viewed against the light;
• the presence of a protective tape completely immersed in the thickness of the paper, on which, when viewed against the light, the image of the digital denomination, the inscription UAH and the image of the trident can be seen in straight and inverted form with the help of a magnifying glass.

You can also check the authenticity of the banknote by changing the angle of inclination. For example:

• images made with optically variable inks change color when the banknote is viewed from different angles and have a kinetic effect (when the banknote angle is changed, the direction of movement of the background image of the tape changes);
• a polymeric protective tape of the appropriate color partially embedded in the paper thickness contains the image of the digital denomination of the banknote and the graphic hryvnia sign (in banknotes of UAH 100-500), the State Emblem of Ukraine, and has a pronounced kinetic effect;
• the latent image of the digital denomination designation becomes visible when the banknote is viewed at eye level against the light at an acute angle (dark on a light background when the banknote is viewed from the long side, light and dark background - from the short side).

No compensation for counterfeit banknotes

At the same time, the National Bank of Ukraine emphasized that counterfeit banknotes are seized without reimbursement of their value. "The NBU informs the Bureau of Economic Security about their seizure, and all counterfeit banknotes are handed over to authorized officers for investigation in accordance with the established procedure," the regulator said.

As OBOZREVATEL reported, counterfeiters in Ukraine have organized a network of sales of counterfeit banknotes in all major cities. They use dozens of online stores across the country to distribute bills of various denominations. Anonymous Telegram channels and cryptocurrency wallets allowed sellers to accept orders anonymously and send them across the country with the help of postal operators. Read about how counterfeiters work and what else criminals make money on the Internet in the article.

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