There is an increase in the number of counterfeit hryvnias in Ukraine. According to the National Bank of Ukraine, in 2024, there were about 5.1 counterfeit banknotes for every 1 million genuine notes, which is significantly higher than the 2.1 counterfeits per 1 million in 2023.
This is reported by Finway
Ways to Verify the Authenticity of Hryvnias
The National Bank provides several tips on how to recognize counterfeit money:
- Touch Test: It is important to pay attention to the banknote paper and the texture of the images. Genuine banknotes have a specific print quality.
- Light Test: Hold the banknote up to the light to check for watermarks. They replicate the portrait on the front side of the banknote and display the digital denomination or the hryvnia symbol.
- Presence of a See-Through Element: When viewing the digital denomination, which is printed on both sides, it should appear seamless without breaks.
- Security Strip: Genuine banknotes have a strip embedded in the paper, which displays the denomination and the coat of arms of Ukraine.
- Angle of Tilt: When tilting the banknote, the image may change color, and the background strip demonstrates a kinetic effect.
Which Banknotes Are Most Often Counterfeited
In 2024, fraudsters primarily focused on counterfeiting old-style banknotes issued before 2015. Specifically:
- 500 UAH: 78% of the total number of counterfeits.
- 200 UAH: 18%.
- Others (1, 5, 10, 20, 50, 100, 1000 UAH): a total of 4%.
It is noted that most of the counterfeit banknotes detected in 2024 were of low quality. This is due to the improved design and enhanced security features of modern hryvnias.