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HKMA steps up dissemination of information on counterfeit notes (with photos)
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The following is issued on behalf of the Hong Kong Monetary Authority:

     To enhance the dissemination of information on the 2003 series HK$1,000 counterfeit notes, the Hong Kong Monetary Authority(HKMA) has uploaded on its website (www.hkma.gov.hk/eng/index.shtml) today a video with the Police and HKMA officers explaining how to identify the fake notes. This measure follows the HKMA's posting on its website on December 30, 2013 of the key features of the counterfeit notes seized recently.

     The HKMA said five pieces of the 2003 series Bank of China Hong Kong (BOCHK) HK$1,000 counterfeit banknotes, with a fair degree of resemblance to the real note, were first seized on December 23, 2013. A total of 100 similar counterfeit BOCHK and HSBC $1,000 banknotes were seized by the Police up to yesterday (January 5). Compared with a total seizure of 964 pieces of HK$1,000 counterfeits in the year 2012 and the 190 million pieces of HK$1,000 banknotes in circulation, the number of counterfeit notes seized recently is not exceptionally high.

     The newly spotted 2003 series BOCHK and HSBC HK$1,000 counterfeits contain imitation of some of the security features in the real notes. However, the public can still quite easily identify the counterfeits based on the tips provided by the Police and the HKMA. In particular, the yellow fluorescent barcode on the front of the counterfeit notes is relatively dull and dim when viewed under an ultraviolet lamp. The edges of the metallic thread on the back of the counterfeits are much smoother, and the printing is ofpoorer quality with flaws.

     Despite their apparent flaws, the counterfeit notes do bear a passing resemblance to the real ones. The public and business operators were understandably concerned and reluctant to accept HK$1,000 notes at first when there was an insufficient grasp about the distinguishing features of the counterfeits. With the concerted efforts of the Police, the banking industry and the HKMA, through organising press conferences, issuing press releases and disseminating online information, the public are now provided with detailed advice on how to identify counterfeits. The HKMA and the Police have so far organised 15 seminars for about 3 000 participants from the banking sector and have reached out to major retail and catering chains to invite them to attend. Participants have indicated that they are much more confident in identifying the latest counterfeits after attending the seminars. To facilitate a wider and more convenient access to information on the features of genuine and fake notes and their key differences, the HKMA has uploaded on its website a video on the explanations given at the seminars.

     While it should be quite easy to identify the 2003 series HK$1,000 counterfeit notes, the HKMA has requested banks in Hong Kong to ensure a sufficient supply of the new 2010 series HK$1,000 notes to meet public demand. The 2010 series notes have more advanced security features compared with the 2003 series, including a dynamic colour-changing pattern, a colour-changing metallic thread, a fluorescentsee-through pattern and a stronger embossed effect. All these security features can be easily recognised by the naked eyes.(Details are available on the HKMA website.)

     The HKMA noted that it is impossible to completely eradicate counterfeiting whether in Hong Kong or other parts of the world. Yet the overall counterfeit rate in Hong Kong is much lower than that of many countries.* The public need not be overly worried. The most effective measure against counterfeiting is for the public to increase their alertness and awareness of the security features in banknotes, so as to stop counterfeiters from passing fake notes. The HKMA has introduced a number of measures so far, including speeding up the withdrawal of the 2003 series notes from circulation. However, there is currently no need for a total recall of the 2003 series HK$1,000 notes lest it might cause even greater inconvenience and unnecessary disruptions to the general public and businesses who are holding the 110 million pieces of 2003 series HK$1,000 note. The HKMA will closely monitor the development of the counterfeit note issue and update the public in a timely manner.

*As at November 2013, the rate of seized counterfeit Hong Kong dollar notes was 1.4 pieces per million, compared with 28 pieces for the Canadian dollar, 34 pieces for the euro and 247 pieces the Sterling Pound.

Ends/Monday, January 6, 2014
Issued at HKT 22:08

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