Fake dollar panic in the market

The increase in counterfeit 50 and 100 dollar banknotes in the market is causing serious disruptions in foreign exchange traffic. Money counting machines and ATMs that have not undergone software updates are unable to distinguish these counterfeit bills. Experts are warning citizens to be cautious.

It is stated that counterfeit 50 and 100 dollar banknotes printed abroad have been brought into Turkey over the last month and that there is approximately 600 million dollars worth of counterfeit money in the market. Due to this development, exchange offices have decided to temporarily suspend the buying and selling of 50 dollar banknotes and the older print white 100 dollar banknotes.

Mustafa Ünver, Board Member of the Association of Authorized Institutions and Exchange Offices, stated that measures have been taken to prevent this situation from causing grievances, saying, “Exchange offices and authorized institutions have currently withdrawn 50 dollar and older print 100 dollar banknotes from circulation. It may take a few days to perform the necessary software updates on money counting machines.” Ünver stated that the counterfeit dollars in the market are of almost identical quality and made the following statements:

“The materials, clichés, and paper quality are very similar. For this reason, it is impossible for ordinary citizens to notice. Experts can distinguish the counterfeit only after detailed examinations. These counterfeit bills can pass through some ATMs and money counting machines. As a sector, we have taken measures against this.”

Ünver stated that the vast majority of counterfeit dollars in circulation are brought into Turkey via the Middle East, Asia, the Balkans, and Iran. He also expressed that some counterfeit dollars were sent by importers to money counting machine manufacturers, and information was received during the examinations that these banknotes were high-quality counterfeits.

Ünver emphasized that citizens should only conduct transactions through banks and authorized exchange offices.

Citizens have also turned to gold as an investment tool.

WHEN DID THE FAKE DOLLAR CRISIS START?

The fake dollar crisis in the market started 1 month ago.

HOW WILL THE FAKE DOLLAR CRISIS BE COMBATED?

It is currently almost impossible for non-experts to distinguish the counterfeit dollars being circulated from the real ones. Nevertheless, paying attention to some details on the dollars you have may be beneficial. A security strip has been used on banknotes put into circulation after 1996. When we hold US Dollar banknotes up to the light, the denomination value in numbers and the “USA” inscription are placed vertically across the 100 and 50 US Dollar banknotes. On 20, 10, and 5 US Dollar banknotes, the denomination values are written as text, and the “USA” inscription is located next to them.

When US Dollar banknotes are held up to the light, a copy of the image on the banknote, printed using the paper thinning method during the production of the banknote paper, is located in the blank space on the right side of the front face as a watermark.

There are two watermarks on the 5 dollar banknote put into circulation in 2008. On the right side of the portrait, instead of the watermark portrait of President Lincoln found on the old design 5 dollar banknotes, a large number 5 watermark and a column consisting of three small number 5s to the left of the portrait have been added.

It is stated that the most guaranteed method to understand if a dollar is real is to check the text inside the security thread of the money. One should hold the dollar up to the light, look at the security strip, and check if “USA” and the banknote amount are written on this strip. For example, on a 100 dollar banknote, it is necessary to see the text “USA HUNDRED” on both sides of the money.

WHERE DOES THE COUNTERFEIT MONEY ENTER THE COUNTRY FROM?

It has been determined that counterfeit dollars are printed in the Middle East, Asia, and the Balkans and enter Turkey.