Counterfeit banknotes can cause significant financial losses to both individuals and businesses. Despite advanced security technologies, cases of hryvnia counterfeiting unfortunately still occur. According to the National Bank of Ukraine, in the first half of 2024, there were 3.4 counterfeits for every million genuine banknotes. That’s why it’s important to know how to check the authenticity of banknotes without special equipment.
What kind of money is most often counterfeited
According to statistics, old-style banknotes are most often counterfeited, as they have less advanced security mechanisms. In 2023, 93% of the counterfeits withdrawn from circulation were in three denominations:
- 200 UAH – 61% of the total number of counterfeits and 41% of their total value;
- 500 UAH – 24% and 41% respectively;
- 100 UAH – 8% and 3% respectively.
Counterfeits of the new design banknotes accounted for only 18% of the total number of detected counterfeits. This is due to the enhanced security measures implemented by the NBU, including the use of innovative optically variable elements.
What security features does the hryvnia have?
Ukrainian banknotes have several security features that make them difficult to counterfeit:
- Watermark – a multi-tonal portrait image and digital denomination that is visible against the light.
- Security fibres and tape – embedded in the paper structure.
- Embossed elements – portrait, inscriptions and denomination, which are tactile.
- Element for the visually impaired – geometric shapes on the edges of banknotes.
- Microtexts – small inscriptions that are visible through a magnifying glass.
- Optically variable elements (OVI, SPARK) – ink that changes colour when the banknote is tilted.
- Latent (hidden) images – visible at an acute angle.
- Metalised and polymer security tapes – integrated into the banknote.
- Fluorescent numbers – visible under ultraviolet light.
The National Bank of Ukraine is constantly improving security features. For example, in 2018-2019, the NBU updated the 20, 50, 100, 500, and 1000 hryvnia banknotes with enhanced security features.
How to detect counterfeiting
You can check the authenticity of a banknote yourself using simple methods:
- Touch – feel the print relief and paper quality. Original banknotes are printed on special cotton paper that has a characteristic rustle and should not be too smooth. In other words, a counterfeit will feel atypical, not like all other banknotes.
- Against the light – check for watermarks, a through image of the denomination and security tape. Watermarks should have clear outlines without blurring, and security tape should appear to be embedded in the banknote itself, not stuck on.
- Look at it from different angles – pay attention to the change in ink colour and the effect of the background image movement on the 100, 200, 500 and 1000 hryvnia notes. For example, on a 500 UAH banknote, the image of an architectural fragment changes colour from gold to green when tilted.
Criminals often rely on people’s inattention. Therefore, before accepting a banknote, you should carefully check it for at least a few parameters. Knowing the security features can significantly reduce the risk of counterfeit money getting into your wallet.