More than 1,500 counterfeit banknotes were found in circulation by the Central Bank of Malta last year, a “substantial increase” on previous years, the institution said.
In a statement on Tuesday, the central bank said that while the number of counterfeit notes had risen, the number remained “insignificant” when compared to the total 32 million genuine notes in circulation.
The proportion of counterfeit notes in Malta last year also paled when compared to the rest of the Eurozone, where 554,000 fake notes were discovered, it said.
The central bank noted that previous years had seen “exceptionally low” numbers of counterfeit denominations in Malta due to the COVID-19 pandemic when in-person purchases drastically reduced following lockdown measures.
Counterfeit bank notes worth €20 were the most popular in Malta last year, accounting for two-thirds (66%) of the fake notes discovered.
This contrasted with the rest of the Eurozone, where €20 notes – making up a third (36%) of those discovered – were second in popularity to €50 banknotes, which accounted for over two-fifths (44%) of counterfeit notes across the bloc.
In Malta, counterfeit €50 denominations comprised around one-sixth (16%) of the fake banknotes in circulation, while those worth €500 and €200 barely registered. Just over one in eight fake banknotes were worth €10, while only one in 50 (2%) were worth €5.
“The middle denominations continued to be the most counterfeited. The €20 denomination experienced an increase, but the share of the €50 denomination decreased”, the bank said.
“Together these accounted for 82% of all counterfeits seized in circulation. The share of the lower denominations (€5 and €10) remained constant”.
Despite the low figures of counterfeit notes discovered, the bank urged the public to remain alert, noting fake notes were “easy to detect as they have no security features, or only very poor imitations of such features”.
It said the authenticity of a banknotes could be confirmed by subjecting it to a “feel-look-tilt" test; genuine notes should have a “unique feel” due to the printing process used to produce them and should display unique visual features when tilted or held up to the light, according to the European Central Bank website.
Anyone who receives a suspected counterfeit bank note should contact the police on (+356) 2294 2120 or the central bank on (+356) 2550 6012/13 or at nccmt@centralbankmalta.org.