In Ukraine, 2024 saw an increase in the number of counterfeit hryvnia banknotes. By the end of the year, there were approximately 5.1 fake banknotes for every 1 million genuine ones, which is more than double the figure for 2023, when the rate was 2.1 counterfeits per 1 million genuine banknotes.
This is reported by Finway
Which Denominations Are Most Commonly Counterfeited
According to information from the National Bank, the majority of counterfeiting cases involved old-style banknotes—those issued before 2015. Among the seized counterfeit banknotes, the largest share consisted of 500 hryvnia notes, accounting for 78% of the total number of fakes. Fraudsters also frequently produced counterfeit 200 hryvnia banknotes, which made up 18% of all cases.
Fewer counterfeits were found among banknotes of 1, 5, 10, 20, 50, 100, and 1,000 hryvnias—together, these banknotes represented 4% of the total number of seized fakes.
Causes and Consequences of the Increase in Counterfeits
“The level of counterfeiting of the national currency banknotes in 2024 experienced moderate growth compared to the extremely low figures of 2022-2023. It has approached the values of 2021, prior to the full-scale invasion.”
The National Bank noted that despite the increase in counterfeits, the situation remains under control and does not pose a threat to the country’s economy. Experts explain the rise in the number of fake banknotes by stating that criminals have adapted to the conditions of martial law and have attempted to test the effectiveness of anti-counterfeiting systems implemented by banking and law enforcement agencies.
Specialists recommend that citizens carefully check the authenticity of banknotes, especially those of higher denominations, and use verified financial institutions for cash exchanges.