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Aussie Banks Being Fooled By Thousands Of Fake $50 Notes

The Australian market is being flooded with counterfeit $50 banknotes, costing businesses and consumers millions of dollars.

Over 33,000 fake $50 note were removed from circulation in 2014-15, triple the number detected two years ago.

The once state-of-the-art security system is now over 20 years old, making it vulnerable to the advances in digital imaging and printing technology.

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The Reserve Bank of Australia has declined to comment on security issues with the counterfeit notes, which were designed back in 1995.

"While counterfeiting rates have been rising over the past few years, particularly of the $50 banknote, counterfeiting rates remain fairly low by international standards," a RBA spokeswoman said.

Counterfeiting crimes have increased eight-fold in Victoria in the last two years.

Source: Sydney Morning Herald

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