Seizure of counterfeit banknotes by the police last year increased sharply by 1.7 times

2020-03-20

20th March 2020 - (Hong Kong) The seizure of counterfeit banknotes by the police last year increased sharply by 1.7 times, 87% of which were seized during law enforcement operations, and most of the rest were received by banks and the Jockey Club from customers. Among them, the seized HK$1,000 counterfeit banknotes increased by tenfold. Counterfeit banknotes with a face value of HK$500 also increased by 40%.

The police said that the number of counterfeit banknotes seized has increased significantly. One of the reasons is that the police have strengthened law enforcement. In addition, scammers often use counterfeit banknotes in convenience stores, fast food restaurants or taxis.

A total of 8,009 counterfeit banknotes were seized last year, an increase of 1.7 times over the previous year's 2,966 banknotes. The number has increased, with the highest increase in HK$1,000 counterfeit banknotes, from 521 in 18 years to 5,785 last year, an increase of 10 times; and HK$500 counterfeit banknotes also increased from 769 in 18 years to 1,082 last year, an increase of about 40%.

In contrast, the number of counterfeit banknotes of HK$100, HK$50, HK$20 and HK$10 fell across the board. Among them, the counterfeit banknotes of HK$20 seized reduced from 181 in 18 years to 44 last year, a decrease of nearly 76%. It is estimated that unlicensed money changer will use these counterfeit banknotes as proof of funds and will not circulate on the market.

Citizens have been urged to exercise caution to identify counterfeit banknotes.

Source: Dimsum Daily