In 2024, Serbia detected 3,840 counterfeit banknotes, with the most commonly forged being $100 and €50 bills, according to Miroslav Jeremić, the Director of the Department for Combating Counterfeiting and Banknote and Coin Analysis within the Cash Management Sector in Serbia.
Jeremić noted that the actual number of counterfeit notes could be higher, but only those confirmed as counterfeit are reported. He explained that these counterfeit bills were identified as suspicious by banks or the police, who then submitted them to the National Bank of Serbia for further examination. Upon expert analysis, a report is created, confirming whether the banknote is indeed a counterfeit.
Despite the counterfeit detection efforts, fake money continues to circulate and eventually finds its way into exchange offices or banks, where its authenticity is questioned and further analyzed. Jeremić clarified that there is no fixed timeframe for detecting counterfeit money, as it depends on various circumstances. Typically, money changers, banks, or the police are the first to suspect a counterfeit. In some cases, the police uncover illegal money printing operations and seize large quantities of fake currency.
When a new type of counterfeit emerges, one that may bypass initial device detection, the National Bank of Serbia steps in to identify it. Subsequently, companies that maintain the banknote authentication devices are called upon to update the software to recognize the new counterfeit bills. Jeremić explained that counterfeiters usually have two main goals: to deceive a person or to bypass automated counterfeit detection devices.
The director also pointed out that the quality of the paper can be a clear indicator of a counterfeit banknote. Additionally, the placement of the security features such as stamps differs between genuine and fake bills. Jeremić further explained that counterfeiters typically do not target lower denomination bills like 10 or 20 dinars, as the cost of producing high-value notes like $100 or €50 is not significantly higher.
Citizens who suspect they are holding a counterfeit bill are advised to take it to a bank or police station. Once submitted, the bill will be analyzed, and the person will receive a receipt. Jeremić stressed that counterfeiters have always existed, and while they will continue to attempt to forge currency, central banks across the world are working to detect and prevent counterfeit money circulation in a timely manner.
He also reminded the public of the importance of obtaining and keeping receipts when purchasing foreign currency at exchange offices. The receipt should include details such as the denomination, currency, and serial number of each banknote involved in the transaction. This serves as protection for consumers, as it provides evidence of the source of the money in case a counterfeit is discovered later.
In conclusion, the battle against counterfeit currency continues, and while counterfeit money will always be a risk, efforts to detect and prevent it remain crucial for the stability of Serbia’s economy.
