Contactless Payment Thwarts Money Forgers

  • By Kim Shin-young

    July 21, 2021 08:46

    The rise in contactless payment during the coronavirus pandemic has drastically reduced the use of counterfeit money.

    According to the Bank of Korea, a record-low of just 38 bogus banknotes were detected in the first half of this year. That was down 76 percent on-year from 161.

    Kim Choong-hwa at the BOK said, "Face-to-face transactions declined significantly since the pandemic started last year, which had a big impact."

    Another factor may be the spread of CCTV cameras that record the faces of people who use counterfeit money.

    The BOK itself discovered 19 of the fakes, commercial banks and other financial institutions 16 and individuals the rest. The most faked bill was W5,000 at 22.

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