Fake S$50 bills reported to be circulating locally, business owners urged to be extra cautious

SINGAPORE: There is news circulating on the internet that fake S$50 banknotes have been appearing in the country nowadays, and it has been affecting some retailers in their businesses. 

According to Lianhe Zaobao, some locals expressed their concerns online about a counterfeit S$50 banknote, showing that the original ones have shiny holograms, while the fake ones do not. It is also concerning that, aside from this obvious difference, the rest of the features are very similar to the real banknotes. 

A reporter recently visited some businesses to discuss this subject at hand. The retailers were well aware of the reports about counterfeit banknotes, and they claimed that they were being more cautious now. 

A 53-year-old grocery store owner who has been in the business for 20 years shared that throughout the years, he has been in contact with money every day, and he can identify the ones that are fake through their texture. 

“I’ve heard that some colleagues have seen counterfeit money, but they were able to identify it on the spot,” the man said. He added that if a buyer is using large bills to pay, one must be extra cautious. More so, if the buyer’s expression does not sit right with the seller, they have the right to refuse to accept the money for their safety. 

Another business owner, a 49-year-old chicken rice vendor, also shared that he previously mistakenly took RMB10 as S$10, because both notes are colored red. He said that he was too busy and accepted the money carelessly. 

“The ultimate goal of counterfeit money syndicates is to make money, so they tend to print currencies with wider circulation,” a co-owner of a money changer declared, stating that Singaporean dollars are not a target for criminals, unlike currencies such as RMB and the US dollar. 

According to the Monetary Authority of Singapore (MAS), very old banknotes might lose their special shiny images because of long usage. Due to this, they are not suitable to be used anymore and are taken out of circulation when banks send them back. 

Their spokesperson also expressed that even though fake banknotes are very rare in our country, people should be careful. 

If you think you have a counterfeit banknote, call the police, note any suspicious people or vehicles, avoid touching the counterfeit bill, and surrender it to the authorities. 

In Singapore law, if someone is proven guilty of making fake money, helping make fake money, or knowing about the process of making counterfeit money, he/she may be imprisoned for up to 20 years, and must pay a fine.