Canadians Concerned About Getting Counterfeit Cash

You’re not alone.

A recent survey suggests Canadians are becoming increasingly concerned about getting stuck with counterfeit notes and more of us are apparently finding funny money in our wallets and purses.

“Canadians believe that counterfeiting is a problem… More Canadians have been offered or have received a counterfeit bill,” says the report conducted by SES Research.

According to the study, 39 percent of the 2,000 Canadians surveyed said they thought they’d received a fake bill.

Those fears are justified according to the report, which says that three out of 20 Canadians said they have been offered or have received a counterfeit note.

The amount of fake Canuck bills increased sharply in 2003 when colour duplicating equipment became more sophisticated and less expensive. Last year there were 443,000 counterfeit bills being passed around – that’s double the amount in 2002.

The majority of the fake bills are $10s and $20s and the Bank of Canada has been working hard to stump counterfeiters by increasing security features over the last few years.

The $5 will get a facelift in November, the $10 was upgraded in May 2005 and the $20 the year before.

For some extra insurance, the Bank of Canada has placed three of its own staff members inside the Mounties’ counterfeit centre to make sure the financial institution gets the most up-to-date information on the problem.