There has been a rise in the number of fake £20 notes circulating in the Grimsby area.

There has been a rise in the number of Fake £20 notes circulating in the Grimsby area.

There has been a warning about fake £20 notes circulating in Grimsby. It is believed that taxi drivers and petrol stations have had an influx of currency in this area. It is said that they are so realistic it is almost impossible to notice.

The notes have watermarks to say they are real and are made out of very similar paper to real notes. They are also covered in a wax layer so counterfeit markers are not able to pick up on them. The only way to see if they are fake is to rub your finger over a certain area and if it feels rough the note is real but if it feels smooth it is fake. Businesses have also received fake £5 notes.

The Bank of England issued the following advice on what checking banknotes are genuine and what you should do if you believe you have received a counterfeit note.

How do I check my banknotes are genuine?

Every one of our banknotes has a number of security features that you can use to check whether it is genuine or not. Take your time to check your banknotes particularly if light conditions are poor or you are handling a large number of notes. Never rely on just one security feature, no counterfeit banknotes successfully copy all of the security features.

What to do if you get a fake banknote.

If you think you have a counterfeit banknote you must take it to the police as soon as you can. They will provide you with a receipt and send the counterfeit to us for analysis. If the note is genuine you will be reimbursed in full. However counterfeit banknotes are totally worthless so we will not be able to reimburse you if you have received one of these. It is a criminal offence to hold or pass on a banknote that you know to be counterfeit. Don’t get caught out by counterfeiters always check your banknotes.

How many counterfeits are in circulation.

The vast majority of counterfeits are discovered before they go back in circulation when retailers and the banking system are sorting them. A smaller number are detected by the public or retailers who hand them directly to the police, or when the police carry out serach warrants. Counterfeits are typically removed from circulation quickly, often after a single-use.

Only a small fraction typically less than 0.02 percent of banknotes are counterfeit. Which is less than 1 in 5,000 banknotes. In 2018 around 461,000 counterfeit Bank of England banknotes with a face value of £10 million were taken out of circulation. At any one time there is an average of 3.8 billion genuine banknotes in circulation with a face value of around  £73 billion.

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