Fake dollar crisis in Turkey: $50 and $100 banknote alert

Counterfeit $50 and $100 banknotes worth 600 million dollars, allegedly printed abroad and smuggled into Turkey, have triggered a crisis in the financial sector. 

It has been stated that the counterfeit bills are passing through money-counting machines that have not undergone software updates, leading banks and exchange offices to stop accepting these banknotes. It is also alleged that some exchange offices have agreed to exchange these bills for a commission.

FAKE DOLLAR PANIC IN ALANYA AND ANKARA 

Alanya Currency Dealers Association President Turgay Kırbaş stated that counterfeit $50 banknotes, allegedly printed in the Middle East, Asia, and the Balkans, are being attempted to be circulated in Alanya. Additionally, it was reported that counterfeit $100 banknotes were seized in Ankara.

TECHNOLOGY AT THE SERVICE OF COUNTERFEITERS 

Money Markets Expert İslam Memiş, in a statement to TV100, expressed that counterfeiters have reached new levels of fraud by using modern technology. Memiş said, “Artificial intelligence and digital technologies are making the counterfeiters' job easier. Even machines cannot distinguish these fake bills.”

Grand Bazaar tradesman Hüseyin Çilrin stated that they have stopped purchases due to the fake dollar panic, saying, “We are not accepting $50 bills at all, and we are not accepting old $100 bills either. We updated the machines, but it was not enough.” Another tradesman named Mehmet T. remarked, “This situation has brought foreign currency trading to a standstill.”

HOW TO IDENTIFY FAKE DOLLARS?

The General Directorate of Security has shared tips for identifying fake dollars. For example, the micro-printing around the portrait and the security threads on $50 banknotes should be examined carefully. When the banknote is held up to the light, the text on the security thread should be checked.

It has been learned that the Banks Association of Turkey (TBB) has issued a warning regarding the issue and that the counterfeit dollars have spread to many provinces. Authorities have warned citizens to be cautious.

News Source: 12punto