Counterfeit bills seized jump 100-fold in value in one year

The number of counterfeit and altered banknotes taken in by the Bank of Korea from law enforcement last year jumped nearly 20-fold to 9,716 sheets, while the total face value surged more than 100 times over.

According to data obtained from the Bank of Korea by the office of People Power Party lawmaker Ahn Sang-hoon of the National Assembly's Finance and Economy Committee, the central bank received 9,716 counterfeit and altered notes from investigative agencies last year. That compares with 483 sheets in 2024 — a roughly 20-fold increase in a single year. In face value, the total reached 476.64 million won ($356,000), up more than 100 times from 4.63 million won in 2024.

The volume of counterfeit notes received had fallen from 662 sheets in 2021 to 68 in 2022, and was limited to 98 in 2023, before rising sharply for two consecutive years starting in 2024.

Of the notes received last year, 50,000-won bills accounted for 9,488 sheets, or 97.7 percent of the total — a figure attributed to a large-scale counterfeiting case. In September 2024, a gang in Asan, South Chungcheong Province, was caught after printing 9,188 counterfeit 50,000-won notes worth 459.4 million won using a color printer, with the intent to exchange them for virtual assets.

Posts advertising counterfeit notes for sale are still appearing on SNS. An analysis of social media conducted by Ahn's office from Tuesday through Thursday found more than 10 such listings. Some posts included promotional language such as "largest volume of counterfeits available" and "open 24 hours."

Ahn's office said the posts were structured so that anyone could attempt to purchase counterfeit notes with just a few clicks by contacting sellers via Telegram or KakaoTalk accounts listed in the posts.

The office also said the Bank of Korea's counterfeit monitoring efforts remain limited to providing tips on how to identify fake bills, and that the central bank's most recent measure was a redesign of its "easy counterfeit detection" mobile application.

The Bank of Korea spent about 30 million won last year on a full overhaul of the app, adding features such as large-text display and a FAQ menu. In the year that followed, the app averaged just seven active users per day. Ahn's office said the app has cost about 100 million won since its development, with maintenance running into the millions of won each year.

"The level of counterfeit response must rise in keeping with the country's elevated international standing," Ahn said. "As the currency-issuing authority, the Bank of Korea must build a proper response framework to cut off the circulation of counterfeit notes at the source."