Counterfeit Australian $100 banknotes in wide circulation, police warn

Australia’s $100 bill is the most faked cash denomination and has been found circulating in most capital cities. But the counterfeiter – believed to be a solo operator – continues to escape detection. HOW TO SPOT A FAKE.

The $100 banknote has become the most faked cash denomination in Australia and it has been discovered circulating in most capital cities.

Authorities believe there is one suspected counterfeiter who is specialising in the forgeries and is escaping detection because the cash is being passed in a new way “person-to-person” using online marketplaces.

The revelations come as it can finally be revealed police made the biggest bust ever seizing more than 382,000 counterfeit banknotes, with a face value of $30 million.

The $100 banknote has become the most faked cash denomination in Australia and is circulating mostly in the counterfeit capitals of Sydney and Melbourne.

The banknotes were being imported into Australia for use in Chinese New Year festivities; however, their resemblance to genuine banknotes means they are deemed counterfeit under the Crimes (Currency) Act 1981.

The Australian Federal Police (AFP) also found a shipment of ‘joss paper’ – or incense paper – printed to resemble Australian banknotes and used as part of Hell Bank Money ceremonies and Chinese New Year festivities, just before Covid-19 hit Australia.

AFP Detective Superintendent Jayne Crossling said the AFP and its state law enforcement partners had previously seized a number of shipments of joss paper with a face value of more than $17.3 million between 2014 and 2020.

But it can be revealed the fake bank notes are still available online to buy, or for digital download and printing at home.

The Reserve Bank of Australia has warned emerging trend is fake cash to be used via online marketplaces in which goods are bought, sold and swapped.

Using platforms with greater anonymity, counterfeiters are posing as buyers of high-value goods such as mobile phones and bicycles and passing the fake cash to unsuspecting sellers unlikely to closely check the notes.

The fake notes can be identified by one major flaw, police say. Picture: Supplied

While this method has only made 1.4 per cent of annual counterfeit detections, it is growing and generally involves a larger numbers of notes per transaction than retail outlets, increasing the potential loss to a seller.

“A large portion of the public do not check their banknotes for counterfeits. According to a regular survey commissioned by the Bank, over 50 per cent of respondents said they rarely or never check their banknotes,” the Reserve Bank has warned.

“Part of the reason for this would appear to be that people have a high level of confidence that counterfeits will be removed from circulation, coupled with a low expectation of receiving a counterfeit.”

The genuine Australian $100 bank note. Picture: Supplied

The RBA has warned Sydney and Melbourne are the counterfeit capitals where most notes are being passed, but in the Northern Territory last month, fake $100 notes were discovered and police warned the public to pay close attention to any bank notes received.

“The current batch can be identified by the lack of clear window in the bottom corner and the paper texture when you touch them,” an NT spokesman said.

In Adelaide late last year police issued a warning over fake $50 and $100 bills circulating in the city’s southern suburbs with a Coles supermarket at Christie’s Beach, one of the businesses targeted by counterfeiters.

Victorian Police have arrested a number of people in recent years and said there are ways to help identify counterfeit notes.

“People should attempt to make a small tear in the note corner and if the note tears, then their suspicions should be raised.” a Police spokeswoman said.

“People can also do a scrunch test. If the counterfeit notes are made of paper, then when you scrunch the note, it won’t return to being flat but will remain scrunched … and often all of their serial numbers are identical.”

A survey by the RBA revealed most people don’t check for counterfeits because they have a high level of confidence counterfeits will be removed from circulation, and a low expectation of receiving a counterfeit.

Originally published as Counterfeit Australian $100 banknotes in wide circulation, police warn