Unprecedented amount of counterfeit money withdrawn in 2015, says ECB

An unprecendented number of counterfeit euro notes were withdrawn from circulation worldwide in 2015, the European Central Bank (ECB) said in Frankfurt on Friday.

According to the ECB, some 899,000 faked notes had been found. This was around 60,000 more compared to 2014 and almost 40,000 more than in 2009 when the last record stood at 860,000.

The majority of counterfeit notes in circulation were 20 and 50-euro notes.

As recently as November 2015 the ECB introduced a new 20-euro note with enhanced security features to make it more difficult to forge them.

However, there is no need to panic about the cash in your wallet quite yet. "Compared to the increasing number of real bank notes in circulation - more than 18 billion in the last six months of 2015 - the number of fakes is still quite small," the bank said.

Last update: Sun, 21/08/2016 - 12:59

More from Business

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not...

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company...