Scam alert: fake polymer notes circulating on social media
Dear Which?,
On various Facebook pages I’ve noticed a trend of people selling polymer notes.
These posts are accompanied by images of wads of cash fanned out, and machines which look like printers.
Is this blatant counterfeiting? If so, why does Facebook allow it?
Name supplied
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Faye Lipson, Which? senior researcher, says:
A Facebook search of the phrase ‘polymer notes’ was illuminating – and not in a good way.
It returned more than a dozen pages with names such as ‘UK polymer bank notes near me’, ‘UK bank notes’ and ‘Untraceable Authentic Polymer Quality Notes’.
One page, calling itself ‘Authentic polymer notes UK/euro’ had 1,200 followers. The page intro helpfully explains: ‘We print plastic polymer notes. All security features on check pen and light legit. Collect/postage.’
It’s likely that some of these pages are outright scams, with anyone sending payment to them unlikely to receive anything in return. After all, if the notes were so convincing, the counterfeiters would be better off spending them than selling them.
However, if notes are being made in huge numbers, it would be difficult to spend or launder them without avoiding detection, and selling them on might prove lucrative.
Regardless of whether the notes are truly for sale, it’s galling to see counterfeit cash being promoted so openly on the world’s largest social media platform. This is another example of a financial crime being openly perpetrated on the Meta-owned site. Which? has previously exposed pages offering fake driving licences and even stolen identities.
We contacted Meta and it said: 'Fraudulent activity is not allowed on our platforms and we’ve removed the posts and accounts brought to our attention. We encourage people to report activity like this to us and the police.'
Counterfeit cash is circulating, albeit in relatively small numbers. The Bank of England estimates that in the first half of 2023, less than one in 30,000 bank notes was a fake. The problem has substantially reduced since the withdrawal of the old paper notes in 2020. That’s because polymer notes are harder to copy – although clearly not impossible.
If you use cash, it’s good to know the security features of each note. See the Bank of England's advice on how to check your banknotes.
This article first appeared in the January 2024 edition of Which? Magazine
