Italy, the capital of euro counterfeiters: over 120,000 banknotes withdrawn. Bankitalia's advice

ROME – Italy is the capital of euro counterfeiters. Globally, in 2024, 554,000 banknotes were counterfeited and therefore withdrawn from circulation, over 75% of which were 20 and 50 euro notes . Those withdrawn in our country , whose counterfeiting was recognized by the Bank of Italy, were 121,111 : 21.9% of the total. Here too, the most counterfeited denominations were 20 and 50 euro notes, about 87% overall.

The data are reported by Palazzo Koch, headquarters of Bankitalia, on the occasion of the publication of the ECB report that monitors counterfeiting. Compared to 2023, there has been an increase in counterfeit banknotes in Italy of 15.7% (there were 104,669); while compared to 2022 , when the withdrawn banknotes were 61,637, it has almost doubled (+96.5%).

Last year, the total value withdrawn from circulation was over 2.2 million euros. The most counterfeited banknotes were the 20 and 50 euro notes: 56,083 pieces in the first case and 49,190 in the second. They are followed by the 100 euro notes (7,255 notes withdrawn for a value of 725,500 euros), the 5 euro notes (1,418 pieces for a value of 7,090 euros), the 200 euro notes (1,231 pieces for a value of 246,200 euros) and the 500 euro notes (218 pieces for a value of 109,000 euros).

"The probability of receiving a counterfeit is low, since their number is very limited compared to the authentic banknotes in circulation", it is emphasized. In 2024, 18 counterfeits were identified for every million authentic banknotes in circulation, "a much lower level than that observed after the introduction of the euro". Bankitalia reminds what to do in the event that you come into possession of banknotes that you suspect may be counterfeit.

Anyone who has doubts about the legitimacy of a banknote in their possession " should not attempt to spend it - is the recommendation of the institute - because such behaviour would constitute a crime : instead, they should have it examined by the clerks at the counters of commercial banks or post offices or branches of the Bank of Italy".

In the event of the withdrawal of a banknote suspected of being counterfeit, the bodies required to withdraw it from circulation draw up a report, a copy of which is issued, as a receipt, to the person who exhibited the incriminating banknote. If Palazzo Koch ascertains the legitimacy of the banknote, " the exhibitor is reimbursed , without any deductions. Otherwise, the exhibitor is not due any reimbursement".

The offices of the Bank of Italy emphasize that knowledge of the security features of banknotes is the most effective way to protect oneself from counterfeiting and avoid the economic loss that comes from accepting a counterfeit banknote. The authenticity of any euro banknote - the officials of the institute note - can be verified with the 'touch, look, move' method . Three simple recommendations. "Special printing techniques give banknotes a particular consistency; look at a banknote against the light, the window and the watermark with the portrait and the security thread become visible; move a banknote, the window in the silver stripe reveals the portrait of Europa in transparency, and the emerald green number produces the effect of a light that moves vertically".