Counterfeits are worthless - if an individual or business unknowingly accepts a counterfeit note in exchange for something of value, they have been stolen from!
Banks do not reimburse individuals or businesses for counterfeit banknotes!
Although there has been a decline in counterfeiting rates over the past couple of years, at the same time the increased availability of low-cost, high quality printing technology has meant that the quality of counterfeits has improved.
The $50 banknote is the most commonly withdrawn from ATMs and unsurprisingly $50 banknote counterfeits account for the majority of all counterfeits. $100 banknote counterfeits have increased over recent years with their overall volume now around half that of $50 counterfeits.
It is estimated that the average retail business would need to sell around $2,200 worth of goods or services to recoup the loss sustained through a single $100 counterfeit banknote!
There are a number of security features that can be used to check whether a banknote is genuine, as follows:
To learn more about security features you can use to verify a banknote, please visit the Reserve Bank's website here.