Shoppers have today been warned to be on the lookout for counterfeit bank notes in the run-up to Christmas.
The Central Bank urged consumers to be extra vigilant as the number of fake bank notes in circulation tends to increase during the holiday season.
Within the euro zone area, a total of 312,000 counterfeit euro banknotes were withdrawn from circulation during the first half of 2008 with the €50 note being the most counterfeited note. Although the number of fake notes in circulation is low considering the estimated 11.5 billion legal banknotes that are in existence, the Central Bank has reminded consumers that genuine notes always have a watermark.
In addition, lower denomination notes include a hologram which appears on the foil stripe on the front of the banknote. On the higher value notes a hologram is includedon the foil patch on the front of the banknote.
Shoppers heading up north for a bargain were also warned to be on the lookout for counterfeit notes today. A fake bank note alert was ssued by police in Northern Ireland today after fake bank notes were discovered.
Counterfeits of notes issued by all four Northern Ireland banks, the Bank of England and Scottish banks, together with euros and US dollars have been passed throughout the north recently.
The Police Service of Northern Ireland (PSNI) also warned that "counterfeit currency detection pens" did not always work and some businesses had been misled into accepting fake notes as genuine.
A spokesman said they did not believe there was a major organised fraud, but that individuals were passing the notes.
Urging vigilance the police said adding Royal Bank of Scotland, Bank of Scotland and Clydesdale to the currency mix made it more difficult for local businesses to detect fakes.
A spokesman said the security features of genuine notes could be found on websites and "Know your banknotes" leaflets could be obtained from banks throughout the north.
As a deterrent against fraud, businesses were urged to display signs declaring "Counterfeit currency checks will be carried out".
They were also urged to ensure staff were aware of how to examine notes and that there was a policy for staff to follow after the discovery of a fake - including retention of the note and contacting police with a description of the person passing the suspect banknote.
Additional reporting: PA
