More counterfeit money found in Latvia last year than in 2021

Take note – story published 1 year and 2 months ago

Last year, 889 counterfeit units of money were detected in Latvia, which is 26.5% more than in 2021, according to “Payment radar” published by the Latvian central bank (Bank of Latvia) on March 31, LETA reported.

433 counterfeit banknotes were found in Latvia, 13% less than in 2021, and 456 counterfeit coins, more than double that of 2021.

The Head of the Money Technology Division of the Bank of Latvia Aleksandrs Antiņš said that Latvia is among the safest countries in terms of counterfeit.

Counterfeits of two euro coins are the most common in Latvia, accounting for 37% of the total number of counterfeits, followed by fakes of 50 euro banknotes, representing 29%, and 20 euro counterfeits representing 16%.

“When assessing the quality of counterfeits, it is concluded that low-quality products prevail,” added Antiņš.

Antina also points out that, in view of the reduction in the number of counterfeit banknotes detected, the financial losses caused by counterfeiting have decreased by around 2%, amounting to EUR 26,800 in 2022 and EUR 27,300 in 2021.

A total of 376,000 counterfeit banknotes were identified in the euro area in 2022 and 347,000 counterfeit banknotes were detected in 2021. In the euro area as a whole, the most frequently counterfeit banknotes were €20 and €50, representing about two-thirds of the number of counterfeit banknotes.

“In Latvia, we have traditionally been very responsible for money security, and it is customary that money-checking equipment has continued to be used in shops since the introduction of the euro. At the same time, there is no basis for complacency, particularly since the target of counterfeiters is most often the most vulnerable people - children and elderly people. Any case where a counterfeit banknote or coin is in the wallet is a real financial loss to the victim of such a crime,” said Antiņš.


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