Banks enter a new era in the fight against counterfeit foreign currency

To prevent the use of counterfeit foreign currency, banks are carrying out a comprehensive update process for their cash counting devices, ATMs, and counterfeit detection machines. Some banks have temporarily suspended the acceptance of 50 and 100 dollar banknotes printed before 2009. These banks are only accepting newly printed 100 dollar banknotes. The decision not to accept older banknotes will remain in effect until the updates are completed.

Some banks have suspended the acceptance of 50 and 100 dollar banknotes printed before 2009 until software updates for their cash counting and ATM machines are finished. The banks in question are only accepting newly printed 100 dollar bills.

During this process, it has been learned that some banks are not accepting large amounts of foreign currency in cash, and some are not accepting 50 dollar banknotes regardless of the printing year.

Public banks, meanwhile, are approaching the issue from the perspective of protecting consumers and avoiding grievances.

Banking sector officials state that there is no possibility that dollars received by customers from any bank branch are counterfeit.

HOW TO IDENTIFY A COUNTERFEIT DOLLAR?

The Central Bank of the Republic of Turkey (TCMB) also continues its necessary work in coordination with relevant judicial authorities as part of an effective fight against banknote counterfeiting.

On the other hand, the Counterfeit Banknote Monitoring System (SBİS), which the TCMB developed on January 1, 2016, to closely monitor banknote counterfeiting across Turkey, enables more effective combat against this issue by establishing links between law enforcement agencies and banknote counterfeiting incidents.

The SBİS can also be used by units of the General Directorate of Security and the Gendarmerie General Command in the center and 81 provincial centers, as well as relevant units of the General Directorate of Customs Enforcement.

With this system, the TCMB identifies and tracks which security features on banknotes are being counterfeited and at what intensity.

The TCMB website, which contains information about the SBİS, also provides guidance on what to do when encountering a banknote suspected of being counterfeit.