Yahoo Finance Fake cash warning as counterfeits that could 'fool Coles and Woolworths' sold online
There could be another sinister motive for counterfeit cash emerging online.
Fake cash being sold online to Australians should not be seen as a quick fix for those struggling with the cost-of-living crisis.
Several advertisements for counterfeit banknotes - showing piles of $50 and $100 bills - have been listed on Facebook, with a seller telling Yahoo Finance the notes would work at Coles and Woolworths and be shipped within two days after a payment using cryptocurrency. Online, the seller valued the counterfeits at $250 for $3,000 worth of fake cash.
It’s an offence to knowingly possess counterfeit notes and there’s no reimbursement for victims who end up with them in their wallet or till. The Reserve Bank (RBA) said counterfeiting was in decline since a peak in 2015, however, Australian business owners were still taking financial hits from illegitimate cash, with a South Australian supermarket finding a fake $50 note on December 30.
Have you ended up with a fake note in your wallet? Contact belinda.grantgeary@yahooinc.com
The advertisements could also have another sinister motivation - to dupe vulnerable Australians, looking for a quick fix to their financial situation, into transferring money to scammers.
The counterfeit advertisements claim their cash won’t be identified in testing or rejected by poker machines. Some fake cash is easier to spot than others, with some printed on paper or having strange designs.
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The RBA told Yahoo Finance it could not determine if the pictures being used online to advertise the illegal service were legitimate or fakes. A reverse Google image search revealed some pictures used were lifted from police investigations into alleged drug dealing.
A spokesperson for the central bank, which produces banknotes in Australia, said members of the public concerned about cash they’d received could “check the authenticity of their banknotes by looking at the security features”.
“If they still have concerns, suspect counterfeit banknotes can be submitted to the Australian Federal Police for expert examination,” a spokesperson said. “If the notes are deemed genuine, they will be returned with written confirmation stating as such.”
The AFP told Yahoo Finance it was monitoring reports of counterfeit currency being "sold or transferred for Australian use" and warned those guilty of crimes associated with the possession or use of fake money could face a fine of up to $2,000, or 12 years behind bars.
"We remind the public to be aware of security features that are present on all genuine Australian banknotes and help to determine if it is real currency," a spokesperson said. "Australian currency is also made from more durable materials - specifically, polymer - compared to paper-based currencies, which is what counterfeit notes are mainly made of."
Personal finance expert at Finder, Sarah Megginson, said if Australians were feeling budget pressure, there were other avenues to take and warned against getting involved with counterfeit money.
“Using counterfeit cash is a serious crime that can lead to legal consequences,” she told Yahoo Finance. "There are so many other steps you can take before resorting to such dire measures.
“Firstly, contact your billers and ask to access hardship programs. They might be able to set up payment plans, waive some fees or enter you into a repayment holiday.”
Megginson also said those needing free financial counselling could contact the National Debt Helpline on 1800 007 007.
“They may be able to assist with restructuring your debts and even applying for debt forgiveness,” she said.
How to spot counterfeit money
Anyone concerned about the authenticity of a note is within their rights to refuse it. The RBA recommends comparing a suspect note to one you know to be genuine and checking for differences.
Other things the RBA said to look out for include:
Note texture: Is it plastic? Australian banknotes are printed on plastic and have a distinct feel. A suspect banknote may feel excessively thick or thin compared to a genuine banknote. It is difficult to start a tear along the edge of a genuine banknote. You can also try scrunching the banknote in your hand – a genuine banknote should spring back.
The Coat of Arms: If you hold the banknote to the light, you should see the Australian Coat of Arms.
The star: diamond-shaped patterns are printed inside a circle on both sides of the banknote. If you hold the banknote up to the light, the patterns should line up perfectly to form a seven-pointed star.
The clear window: The clear window should be an integral part of the banknote and not an addition. Check that the white image printed on the window cannot be easily rubbed off. Also, look for the embossing – there is a wave pattern in the window of the $10 banknote, and the value of the banknote in the windows of the $20, $50 and $100 banknotes.
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