Counterfeit banknotes on the rise: 1,565 fake notes detected in Malta during 2024

The number of counterfeit euro banknotes detected in Malta surged in 2024, with the Central Bank of Malta reporting 1,565 fake notes presented during the year. This marks a substantial increase compared to previous years when the prevalence of counterfeit notes was notably low due to the COVID-19 pandemic.

While the increase is significant, counterfeit notes remain a small fraction of overall currency circulation. In 2024, genuine euro banknotes in circulation in Malta averaged slightly above 32.41 million. Additionally, Malta's share of counterfeit notes is relatively low, accounting for just 0.28 per cent of the 554,000 counterfeit euro banknotes seized across the entire eurozone.

Middle denominations were the most counterfeited, with the €20 note seeing a rise in fake reproductions, while counterfeits of the €50 note declined. These two denominations combined made up 82 per cent of all counterfeit notes detected. The share of lower denominations (€5 and €10) remained stable, and high denominations continued to represent an insignificant portion of counterfeits.

Despite the low relative figures, the Central Bank of Malta advises the public to remain vigilant when handling cash. The Bank emphasizes that most counterfeit notes lack key security features and can be identified using the "FEEL-LOOK-TILT" test, which is outlined on the Bank's website.

The Bank is also open to providing training and assistance to businesses or organizations seeking to enhance their ability to detect counterfeit notes. Members of the public who encounter suspicious banknotes are encouraged to contact the Police at (+356) 2294 2120 or the Central Bank of Malta at (+356) 2550 6012/13 or via email for further assistance.