Bank of England Warns Retailers of Counterfeit Note Surge

The Bank of England is urging retailers to remain vigilant against counterfeit banknotes. According to figures from the bank, 200,000 fake notes worth £3.97m were removed from circulation in 2025, compared to 99,000 worth £2.1m in 2024.

Victoria Cleland, Chief Cashier at the Bank of England, emphasized that counterfeit notes remain rare, making up only about one in every 24,000 notes in circulation.

Cleland believes many counterfeit notes are produced overseas and then imported into the UK. She noted that some counterfeiters use 'prop money' or 'movie money', which is made without foil and often bears the label 'prop'. To combat this, Cleland urged retailers to invest in Bank of England-approved note counters and to check for the hologram at the bottom of each note.

Andrew Goodacre, Chief Executive of the British Independent Retailers Association, suggested that sharing information locally through WhatsApp groups can also help prevent counterfeit notes. He emphasized that technology could make counterfeiting even more sophisticated in the future.