In Ukraine, there is a growing danger of receiving counterfeit money at exchange offices. Recently, law enforcement detained a group of fraudsters in Lviv region who sold counterfeit dollars totaling $29,300, using $100 bills.
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According to the Bureau of Economic Security (BEB), the suspects purchased fake dollars issued in 2006 and then exchanged them for hryvnias at exchange points. They also used this counterfeit money to buy used electronics.
Methods of Operation of the Fraudsters
Among the members of the criminal group, a junior participant stood out, coordinating the actions of others. He stored the counterfeit bills, conducted briefings, identified sales locations, and controlled currency exchanges, first checking whether the exchange points accepted fake bills. He also distributed rewards among the group members.
“The junior member coordinated the actions of the participants, stored the counterfeit money, conducted briefings, identified sales locations, and provided currency for exchange, first checking whether the exchange points accepted counterfeit bills,” the statement said.
Counterfeit Statistics in 2024
The National Bank of Ukraine previously reported that in 2024, 93% of counterfeit banknotes among all foreign currencies were dollars. Fraudsters most often produced counterfeits of high denominations. Thus, 90% of seized counterfeit American currency was in $100 bills, while 9% was in $50 bills.
The regulator emphasizes the need for caution when exchanging currency. To avoid receiving counterfeit money, one should refrain from “hand-to-hand” exchange operations or online transactions. It is recommended to only use licensed exchange offices that operate under the supervision of the National Bank or non-bank financial institutions.
“For exchanges, one should exclusively approach currency exchange offices of banks licensed by the National Bank, or non-bank financial institutions,” the NBU emphasized.