The National Bank has published statistics on counterfeits
The rate of counterfeit national currency banknotes saw a moderate increase last year compared to the extremely low figures from 2022 to 2023.
At the same time, the situation remains manageable and does not pose a threat to the country's economy.
Thus, by the end of 2024, there were nearly 5.1 counterfeit banknotes for every million genuine hryvnia banknotes. In comparison, this figure was higher in 2021, reaching almost 7.1 fakes.
For reference, according to the European Central Bank, a similar figure in EU countries in 2023 was more than three times higher, at approximately 16 counterfeit euro banknotes (in 2021, it was almost twice as high as in Ukraine, with 12 counterfeit euro banknotes. The ECB has not yet released data for 2024).
This is reported by The National Bank of Ukraine.
The moderate increase in the level of counterfeit hryvnia banknotes in 2024 was due to a rise in criminal activity, which can be attributed to their adaptation to the realities of martial law and a desire to test the effectiveness of the banking and law enforcement systems in countering such counterfeits.
In 2024, the most frequently withdrawn banknotes from circulation were of two denominations: 500 hryvnias (78% of the total number of seized counterfeits) and 200 hryvnias (18%).
Other withdrawn counterfeit banknotes of denominations 1, 5, 10, 20, 50, 100, and 1000 hryvnias accounted for only 4 percent.
Last year (as in 2021–2023), the most counterfeited banknotes were the old design hryvnia banknotes. According to the results of 2024, counterfeits of the new design hryvnia banknotes made up only 5.5 percent of the total number of counterfeits seized in the banking system of Ukraine. Consequently, the number of counterfeit new design hryvnia banknotes per million genuine banknotes in circulation was only 0.3 last year. Most of these fakes were of low quality and targeted at the inattentiveness of citizens and cashiers in retail establishments.
This is because the modern generation of national currency banknotes, particularly those with denominations of 100, 200, 500, and 1000 hryvnias, which the NBU introduced into circulation between 2015 and 2020, feature enhanced design and security systems and are on par with the design and security of euro banknotes from the "Europa" series and US dollar banknotes from the "New Generation" series.
The modern generation hryvnia banknotes have an updated design, utilize special banknote paper for protection, and for high-denomination banknotes, which are most often targeted for counterfeiting, they incorporate modern optically variable security elements: a "window" security thread and the SPARK element with kinetic effects of background image movement and color change, respectively. These are easy for citizens to verify, while it is nearly impossible for criminals to replicate.
On the counterfeiting of foreign currency
Among the counterfeit foreign currency banknotes withdrawn from circulation in 2024, US dollars predominated, accounting for 93 percent of the total number of withdrawn counterfeit foreign banknotes. Only 7 percent of the seized counterfeit foreign banknotes were euro banknotes last year.
Criminals most frequently counterfeited foreign banknotes of the following denominations: 100 and 50 US dollars (90% and 9% of the total number of seized counterfeit US dollars, respectively); 200, 100, and 50 euros (35%, 25%, and 21% of the total number of seized counterfeit euros, respectively).
If there are doubts about the authenticity and payment of hryvnia and foreign currency banknotes, citizens can contact banks, which then forward these banknotes to the National Bank of Ukraine for examination.
As a result of such examinations, conducted free of charge, clients are reimbursed the corresponding amount of national currency banknotes recognized as genuine and valid. Foreign currency banknotes recognized as genuine are returned to the initiator of the examination, regardless of their degree of wear or damage.
Counterfeit banknotes are confiscated without reimbursement of their value.
Reference
The authenticity of a hryvnia banknote is determined as follows:
1) by touch – the banknote paper and the relief of certain images on the front side of the banknote are checked, which is ensured by a special type of printing;
2) against the light, the following are visually checked:
- the presence of watermarks (multi-tone watermark – an image of a portrait that repeats the portrait printed on the front side of the banknote, and a light element of the watermark – an image of the digital designation of the denomination or the graphic sign of the national monetary unit of Ukraine – hryvnia);
- the presence of a through element (combined image) – a fragmentary image of the digital designation of the denomination, made from the front and reverse sides, appears whole without breaks or shifts when viewed against the light;
- the presence of a fully embedded security thread within the paper, on which, when viewed against the light with a magnifying glass, the digital designation of the denomination, the inscription "UAH," and the image of the small State Emblem of Ukraine (the trident) can be seen in both direct and inverted forms;
3) by changing the angle of inclination of the banknote, the following are visually checked:
- images made with optically variable inks that change color when viewed at different angles (on banknotes of medium and high denominations from the 2003–2007 series and new banknotes of 20 hryvnias from the 2018 series and 50 hryvnias from the 2019 series) and have a kinetic effect of gradual transition from one color to another (the SPARK element is present on banknotes of 100, 200, 500, and 1000 hryvnias from the 2014–2019 series);
- the "window" (partially embedded in the thickness of the paper) polymer security thread of the corresponding color (on banknotes of 100 hryvnias from the 2014 series in brown, 200 hryvnias from the 2019 series in blue, 500 hryvnias from the 2015 series in dark gray, and 1000 hryvnias from the 2019 series in purple), which contains the image of the digital designation of the banknote's denomination and the graphic sign of the hryvnia (on banknotes of denominations 100–500 hryvnias), and the image of the small State Emblem of Ukraine (on the 1000 hryvnia banknote). When changing the angle of inclination of the banknotes, a pronounced kinetic effect of the change in the direction of movement of the background images of the thread is observed;
- the latent image of the digital designation of the denomination, visible when viewing the banknote at eye level against the light at a sharp angle (dark on a light background when viewed from the long side, light on a dark background from the short side).
A detailed description of all banknotes of the national currency in circulation and their security elements can be found on the page of the official website of the National Bank.
Citizens can familiarize themselves with the security system of US dollar and euro banknotes in circulation on the websites of the United States Bureau of Engraving and Printing and the European Central Bank, respectively.
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