10 Most counterfeited currencies in the world
10 Most counterfeited currencies in the world in the world: Counterfeiting is the act of producing counterfeit coins and banknotes or altering genuine currency to increase its face value. 10 Most counterfeited currencies in the world in the world.
Counterfeiting is the act of producing counterfeit coins and banknotes or altering genuine currency to increase its face value.
10 Most counterfeited currencies in the world in the world
Access to new technology has improved fraudsters’ efforts to counterfeit banknotes and other financial instruments around the world. 10 Most counterfeited currencies in the world
The term “counterfeiting” in the context of cash includes producing counterfeit coins and banknotes or altering genuine currency to increase its face value.
Most counterfeited currencies in the world in the world
According to the International Criminal Police Organization (INTERPOL), counterfeiting financial instruments fuels underground economies and facilitates organized crime networks and terrorist activity. To get a good estimate of the amount of counterfeit banknotes, countries use the measurement of parts per million (ppm). This value is determined by measuring the number of fake banknotes in circulation per million genuine banknotes, and most countries aim to stay below the 15 ppm limit. 10 Most counterfeited currencies in the world
The following are the most commonly counterfeited currencies in the world:
According to YahooFinance, the following countries have the most counterfeit banknotes:
| Rank | Country | PPM |
|---|---|---|
| 1 | US Dollar | 100? |
| 2 | British Pound | 42 |
| 3 | Euro | 13 |
| 4 | Australian Dollar | 9 |
| 5 | Philippine Peso | 7.9 |
| 6 | Canadian Dollar | 7 |
| 7 | South African Rand | 3 |
| 8 | New Zealand Dollar | 0.8 |
| 9 | Malaysian Ringgit | 0.3 |
The US dollar has been reported as the most counterfeited banknote in the world. YahooFinance notes the absence of concrete data on the number of counterfeited US dollars as the “US government remains secretive about the amount of counterfeit cash in circulation”
However, the most recent report on the issue (2006) reveals that one in every 10,000 US bills was fake.
According to the Central Bank of Nigeria, (CBN), the amount of counterfeit notes between January – December 2016 was less than 1% (0.0014%) or 14 counterfeit notes out of a million banknotes.
While the CBN report puts the volume of Nigeria’s counterfeited banknotes at the barest minimum, there is a contradiction as bank customers still witness the issuance of counterfeit notes from authorized bank Automated teller machines (ATM).
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