Bank of England Report Counterfeit Increase in 2008
In their annual report of 2009 The Bank of England figures showed an increase of more than twice the number of counterfeit notes being removed from circulation in 2008 compared with 2007. The face value of the notes withdrawn in 2008 came to £14 million and the Bank estimated that 88% of these were identified during machine sorting of notes by banks or cash handlers.
The Bank's research shows that organised criminal gangs are behind the majority of counterfeits with three major gangs being responsible for 90%of the counterfeits passed during 2008. Source: Bank of England Annual Report 2009, pg 21.
For more details of Tellermate Counterfeit Detectors click here.
The of England Bank offer free information about how to identify genuine banknotes on their website www.bankofengland.co.uk/banknotes/security/index.htm.
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