The level of counterfeiting of hryvnia banknotes remained low in 2023
The level of counterfeiting of national currency banknotes remained low in 2023. This is evidenced by the monitoring of the withdrawal of national currency banknotes from circulation in Ukraine in 2023.
Thus, last year, about 2.1 counterfeit banknotes per 1 million genuine hryvnia banknotes (in 2022, about 2.2 banknotes).
For comparison, according to the European Central Bank, this figure in the European Union in 2023 was almost eight times higher and amounted to about 16 euro banknotes (13 banknotes in 2022).
About counterfeiting the national currency
In 2023, old-style banknotes were most often counterfeited, with the majority (93%) of the counterfeits withdrawn from circulation being in three denominations:
- UAH 200 (61% of the total number of seized counterfeits and 41% of their total value);
- 500 UAH (24% and 41% respectively);
- UAH 100 (8% and 3% respectively).
Other counterfeit hryvnia banknotes withdrawn from circulation accounted for only 7%.
As a result, according to the results of the 2023 monitoring, counterfeits of the new hryvnia banknotes accounted for only 18% of the total number of counterfeits seized in the Ukrainian banking system. Accordingly, the number of counterfeit hryvnia banknotes amounted to only 0.4 per 1 million genuine hryvnia banknotes of the new design.
This is due to the enhanced security features of the new generation of national currency banknotes, in particular the high denominations of 100, 200, 500, and 1,000 hryvnia notes that the NBU introduced in 2015-2020. To protect these banknotes, which most often attract the attention of criminals, innovative optically variable security features have been applied: they are easy for citizens to check and extremely difficult for criminals to reproduce.
How can I check the authenticity of hryvnia banknotes?
For the most part, the counterfeit hryvnia banknotes withdrawn from circulation were of poor quality and were designed to make citizens and cashiers of retail outlets inattentive.
Knowing the security features of hryvnia banknotes and carefully checking them during payments minimizes the risk of counterfeiting.
The security features on hryvnia banknotes make it possible to detect counterfeit banknotes during close visual and tactile inspection without the use of special equipment.
Thus, the authenticity of a banknote is checked in the following ways:
1) by touch - the banknote paper and the relief of individual images on the front of the banknote are checked, which is ensured by a special type of printing;
2) visually checked against the light:
- the presence of watermarks (a multicolor watermark is an image of a portrait that repeats the portrait printed on the front of the banknote and a light element of the watermark is an image of a digital denomination of the denomination or a graphic sign of the national currency of Ukraine - the hryvnia)
- the presence of a through element (combined image) - a fragmentary image of the digital denomination designation made on the front and back sides, which acquires a holistic appearance without breaks and shifts when the banknote is viewed against the light;
- the presence of a protective tape completely immersed in the thickness of the paper, on which, with the help of a magnifying glass, the image of the digital denomination, the inscription "UAH" and the image of the small State Emblem of Ukraine (trident) can be seen in straight and inverted form when the banknote is viewed against the light;
3) by changing the angle of inclination, the banknotes are visually checked:
- images made with optically variable inks that change color when the banknote is viewed from different angles (on medium and high denomination banknotes of the 2003-2007 design and new 20 UAH banknotes of the 2018 design and 50 UAH banknotes of the 2019 design) and have the kinetic effect of gradually changing one color to another (the SPARK element is contained on the 100, 200, 500, and 1000 UAH banknotes of the 2014-2019 design)
- a "window" (partially embedded in the paper thickness) polymer protective tape of the appropriate color (brown on the 2014 design of the 100 hryvnia banknote, blue on the 2019 design of the 200 hryvnia banknote, dark gray on the 2015 design of the 500 hryvnia banknote, and magenta on the 2019 design of the 1000 hryvnia banknote), which contains the digital designation of the banknote denomination and the hryvnia graphic symbol (on the 100-500 hryvnia banknote), and the image of the small State Emblem of Ukraine (on the 1000 hryvnia banknote). When changing the angle of banknotes, a pronounced kinetic effect of changing the direction of movement of the background images of the tape is observed;
- a latent image of the digital denomination designation visible when the banknote is viewed at eye level against the light at an acute angle (dark on a light background when the banknote is viewed from the long side, light and dark on the short side).
A detailed description of all national currency banknotes in circulation and their security features is available on the NBU's official website.
About counterfeiting foreign currency
The level of counterfeiting of foreign currency banknotes was also low last year. In 2023, banks and financial institutions across Ukraine withdrew less than seven hundred counterfeit foreign currency banknotes from circulation (in 2022, about six hundred).
Among the counterfeit foreign currency banknotes withdrawn from circulation in 2023, US dollars prevailed, accounting for 97% of the total number of all withdrawn counterfeit foreign currency banknotes. Last year, euro banknotes accounted for only 3% of seized counterfeit foreign currency notes.
Most often, criminals counterfeited foreign banknotes of the following denominations:
- USD 100 and USD 50 (92% and 7% of the total number of seized counterfeit USD);
- 50 and 200 euros (39% and 30% of the total number of seized counterfeit euros).
How to check the authenticity of foreign currency banknotes?
First of all, we advise you never to carry out currency exchange transactions "in person", via the Internet, etc. To do so, you should only use currency exchange offices of banks or non-bank financial institutions licensed by the National Bank.
All counterfeit foreign currency withdrawn from circulation is guaranteed to be sorted as suspicious using properly configured counters and banknote sorters (including those with UV, infrared, and magnetic protection). In other words, they do not pose a threat to banks and financial institutions, but are designed primarily for the inattention and lack of knowledge of citizens.
At the same time, having familiarized themselves with the security system of US dollar and euro banknotes, citizens can verify their authenticity without the use of special equipment by paying attention to visual and tactile security features (watermarks, immersed and window security tapes, relief printing, optically variable inks, holographic elements, etc.)
A detailed description of the security features of the dollar and euro banknotes in circulation is available on the websites of the Bureau of Engraving and Printing of the U.S. Department of the Treasury and the European Central Bank, respectively.
What should I do if I have doubts about the authenticity of the money?
When making cash payments or currency exchange transactions, you should always be careful, take your time, and try to check several security features of banknotes.
If there are doubts about the authenticity and solvency of hryvnia and foreign currency banknotes, citizens can contact the banks that pass these banknotes to the NBU for examination.
Based on the results of such examinations, which are carried out free of charge, customers are reimbursed the corresponding amount of hryvnia banknotes recognized as genuine and legal tender. Foreign currency banknotes recognized as genuine are returned to the holder.
Counterfeit banknotes are withdrawn without reimbursement of their value. The NBU shall notify law enforcement agencies of their seizure, and all counterfeit banknotes shall be handed over to their authorized employees for investigation in accordance with the established procedure.
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