Concerns mount over counterfeit dollar bills

Gamze Bal – ISTANBUL

The Turkish market has been increasingly unsettled in recent weeks by rising concerns over the circulation of counterfeit $50 and $100 bills.

Authorities have revealed that counterfeit notes, almost indistinguishable from genuine bills, are capable of slipping past outdated money-counting machines.

Reports of fraud at several bank branches in recent weeks have prompted banks to issue a high-alert response. A warning letter from the Banks Association of Türkiye (TBB) triggered immediate action, with banks instructing staff to exercise extra caution in handling physical dollar transactions.

“These fake dollar bills, primarily printed in the Middle East, Asia and the Balkans, are often circulated through the Istanbul Grand Bazaar,” said Mustafa Ünver, the head of an umbrella organization of bureaux de change.

Banking sources revealed to daily Hürriyet that a recent fraud attempt was narrowly averted at a private bank. Despite the counterfeit bill passing through both a money-counting machine and ultraviolet checks, it was identified thanks to the sharp eye of an experienced employee.

Ünver noted that the latest counterfeit bills exhibit unprecedented quality, making detection even more challenging.

“The blue security stripe on these bills is crafted to closely resemble the original, and without updated software, machines will fail to flag them,” he said.

The issue is not new. Ünver recalled similar incidents three to four years ago with 200 and 500 euro notes, when approximately 1.7 million euros ($1.8 million) in fake currency infiltrated the Grand Bazaar before spreading elsewhere in the country.

Today, counterfeit $50 bills are more prevalent than $100 bills due to less scrutiny for smaller denominations. Despite the influx of counterfeit dollars originating abroad, Ünver noted that some are being printed domestically.

“Counterfeiting in Istanbul is relatively limited due to the vigilance of our security forces. Public reporting and awareness are crucial in combating this issue.”

Authentic U.S. dollars are printed on a cotton-linen blend that absorbs ultraviolet light and features embedded red and blue fibers. Micro-inscriptions, color-shifting ink and a security strip featuring "USA" and the denomination serve as additional security features.