Currency counterfeiting continues to rise

Number of total banknotes passed and seized is increasing

• from 497,625 in 2003 to 648,330 in 2004 – worth over $12M/year
• 500% increase between 1992 and 2003
• counterfeiters range from casual/hobbyists to sophisticated and highly organized crime groups

Impacts to consumers

• includes higher prices on goods and services and loss of confidence in the security of Canada’s banknotes
  • some Canadian retailers refusing high denomination bills
  • some US retailers refusing Canadian currency

Institutional responses

• Bank of Canada has introduced advanced security features – e.g., holographic stripe, watermark, security thread and fluorescent fibres
• Bank of Canada and various law enforcement agencies are heavily involved in public education and awareness through seminars and media coverage