SINGAPORE: Concerns have been raised in Singapore following claims that counterfeit S$50 notes are in circulation.
The reports surfaced after several social media posts showed comparisons between real and fake notes.
On 8 September, one widely shared post displayed two S$50 notes side by side.
The key difference was the absence of a reflective holographic strip, known as a kinegram, on the counterfeit note. Other than this, the two notes looked almost identical.
According to Shin Min Daily News, some retailers have already encountered counterfeit S$50 notes.
Vendors interviewed said they were now taking extra precautions when handling cash transactions.
He, a 53-year-old grocer in Toa Payoh with over two decades of experience, said seasoned vendors could usually identify fake notes by touch.
“I’ve heard of colleagues who’ve encountered fake notes, but they were able to identify them on the spot,” he said.
Huang, owner of Crante Money Changer at Chinatown Complex, explained that counterfeiters usually target currencies with larger global circulation, such as the United States dollar or Chinese yuan.
She noted that counterfeit Singapore notes are less common because the currency is not widely used internationally.
“The ultimate goal of counterfeit syndicates is to profit, so they tend to print currencies that are more widely circulated,” she said.
The Monetary Authority of Singapore (MAS) confirmed that it was aware of several social media posts alleging that retail outlets had received counterfeit S$50 notes.
A spokesperson emphasised that while cases remain rare, the public must remain alert.
“The notes shown in the posts appeared to be missing the kinegram,” the spokesperson said.
“It is possible for the kinegram of very old notes to be worn out due to wear and tear. Such notes would be deemed unfit for public use and are removed from circulation when they are returned by banks to MAS.”
Besides the kinegram, other security features include a watermark, microprints, and a security thread, all of which are more durable and should be checked.
MAS advised the public to use the Look-Tilt-Feel method when verifying banknotes.
Further guidance on security features is available on its website.
Authorities also reminded the public that possession or use of counterfeit currency as genuine is a “serious” offence.
Earlier this month, on 4 September, a 22-year-old Indonesian man was charged after allegedly trying to deposit a counterfeit S$10,000 note at a UOB branch in Clementi Avenue 3.
Police said counter staff suspected the note was fake and alerted a manager, leading to his arrest. If convicted under Section 489B of the Penal Code, he faces up to 20 years in jail and a fine.
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