Finland warns of high-value fake euro bills

Police in Finland have warned that counterfeit copies of €500 banknotes were found in circulation as 2017 drew to a close.

Retailers should be wary of cash transactions involving high-denomination bills and – if possible – compare banknotes received with genuine notes with a particular emphasis on security features. The counterfeits resemble genuine notes very closely but are missing the watermark, security thread and hologram.

The €500 note – one of the highest denominations in the world – is due to be phased out by the end of the year, with the European Central Bank (ECB) suggesting in 2016 that they could be used to “facilitate illicit activities”.

The note has therefore been excluded from the Europa upgrade to the euro, which has introduced additional security features to try to thwart counterfeiters. After it is fully withdrawn the highest denomination euro note will be €200.

Earlier this year the ECB said that around 331,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2017, a decrease on the same period of 2016, although there was an increase in Germany. The €20 and €50 notes continued to be the most counterfeited.