Brits urged to check their bank notes as thousands could be worthless | Personal Finance | Finance

Brits are being urged to monitor their money carefully with the volume of fake banknotes in circulation surging dramatically, as failing to spot them quickly enough could result in financial loss or even potential criminal charges.

Recent data from the National Crime Agency revealed that last year saw more than double the amount of counterfeit currency circulating compared to 2024. In particular, £20 and £10 notes have emerged as the most frequently forged denominations across the UK. Creating counterfeit banknotes, knowingly passing them on, or possessing fake notes with the intention to deliberately use or pass them off as genuine constitutes a criminal offence. The maximum penalty can reach up to 10 years’ imprisonment and seizure of assets.

However, some people may end up with forged notes in their possession without realising they’re fake. This risks leaving them financially disadvantaged as counterfeit banknotes hold no value according to the Bank of England, which cannot compensate you if you discover you’ve accepted a fake note.

BBC Breakfast’s investigation into the issue uncovered the genuine consequences this can have on people who unknowingly receive “worthless” currency.

One postmaster interviewed by the programme, Imran Khan, described how some small businesses may have customers paying with cash, but when the proprietors attempt to deposit the money, the post office’s machine “spits it out and says no, this is a fake.” Receiving a counterfeit note accidentally is fairly uncommon, as the Bank of England highlighted that at any given moment there are approximately 5 billion authentic UK banknotes in circulation, while the most recent data shows 200,000 counterfeit notes.

While you cannot receive compensation if you possess a counterfeit note, the crucial way to protect your money’s worth is verifying whether it’s fake prior to accepting it.

Should you inadvertently accept a fraudulent note, the cash’s value might be forfeited but you can submit the counterfeit note to the police, which can then be assessed by the National Crime Agency and the Bank of England.

• There is a silver foil patch at the bottom that reads ‘pounds’ when tilted to one side and the value of the note when tilted to the other
• A 3D image of the coronation crown appears above the main see-through window.
• On the front of the notes, you can feel raised print
• There is a large see-through window with either King Charles III or Queen Elizabeth II

Additional security characteristics can be located on the Bank of England website to assist you in checking if your cash is legitimate. The Bank of England also encourages people to report any advertising they encounter online purporting to supply counterfeit notes. It adds: “Counterfeiting directly funds organised crime.

“It hurts the UK economy by creating losses for businesses, which ultimately affects the cost of things that we buy. It also affects the pocket of anyone who receives a counterfeit note, as they are worthless. If you report counterfeiting to the police, you are helping with investigations and alerting them to a problem in their area. This means that they can take action to protect your community.”