Counterfeit euro banknotes dip in first half, says ECB

Around 450,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2015, a reduction of around 10 per cent on the prior six-month period.

The number was however higher than in the first half of 2014 - when more than 500,000 notes were withdrawn - and also higher than any other six-month period since the start of 2012, according to the latest figures from the European Central Bank (ECB).

"The number of counterfeits continues to remain very low in comparison with the increasing number of genuine banknotes in circulation - over 17 billion during the first half of 2015," said the ECB in a statement.

Among the counterfeit notes withdrawn, the majority (86 per cent) were €20 and €50 notes, with the proportion of counterfeit €20 notes decreasing slightly and that of counterfeit €50 notes increasing compared to the second half of 2014. A new €20 note with enhanced security features is due to be introduced in November, while a new €10 note was launched in September 2014.

Almost all the counterfeits were identified in Eurozone countries, with 1.6 per cent found in other EU member states and just 0.5 per cent encountered in other parts of the world.

"All euro banknotes can be easily verified using the 'feel, look and tilt' method," said the ECB. "Euro banknotes continue to be a trusted and safe means of payment."