Online post claims counterfeit $50 notes have surfaced in Singapore
The post featured a photo claiming to show a real note alongside a counterfeit one.
Counterfeit $50 notes have reportedly surfaced in Singapore, with claims that several retailers have been affected, Shin Min Daily News reported.
A netizen recently uploaded a post with a photo claiming to show a real note alongside a counterfeit one.
While genuine notes feature a shiny holographic security strip, or kinegram, the counterfeit note lacks this feature, said the netizen.
Shopkeepers are 'extra careful' with cash
When Shin Min visited several shops, interviewees said they had heard about reports of counterfeit notes and that they typically exercise extra caution in handling cash.
He Mingfa (transliterated), 53, who has owned a grocery shop in Toa Payoh for 20 years, said his staff handle cash daily and can recognise counterfeit notes by their feel.
"I've heard of fellow shopkeepers who encountered fake notes, but they could detect them on the spot," said Mr He.
He added that shopkeepers are generally extra cautious when customers pay with large notes and may even reject a note if the payer appears suspicious.
A chicken rice vendor, who only wished to be known as Mr Yang, 49, said he once mistakenly accepted a 10 ringgit note, thinking it was a $10 note.
"I was too busy and carelessly accepted it. I only realised later, but fortunately it was just a small loss of a few dollars. I haven't seen fake notes myself," he said.
Huang Suzhen, a partner at Crante Money Changer in People's Park Complex, told Shin Min that counterfeiters usually target widely circulated currencies such as the US dollar or Chinese yuan, rather than the Singapore dollar.
"Counterfeit syndicates are ultimately after profit, so they prefer printing currencies with broader circulation," said Ms Huang.
Old banknotes may lose security features: MAS
A spokesperson from the Monetary Authority of Singapore (MAS) told Shin Min via email that the banknote featured in the online post appeared to be missing the holographic security strip.
They noted that old banknotes may also lose security features, such as the colour-shifting image, due to long-term use.
Such notes are considered unfit for circulation and will be removed from the market when returned to MAS through banks.
The spokesperson also emphasised that, while encounters with counterfeit notes in Singapore remain low, the public should remain vigilant.