Beware of counterfeit money: Over 1,500 cases recorded, over RM490,000 lost

KUALA LUMPUR - Authorities have recorded a significant increase in counterfeit money cases over the past year, with over 1,500 cases involving losses totaling over RM495,000.

Federal Police Commercial Crime Investigation Department (CCID) Director Datuk Seri Ramli Mohamed Yoosuf highlighted that the number of cases has risen from 754 in 2022 to 778 in the first 10 months of 2023. The financial losses have also increased, from RM213,519 in 2022 to RM281,586 in 2023.

He said the Kuala Lumpur Contingent (IPK) recorded the highest number of cases compared to other contingents since last year until October, which is 380 cases with a loss of RM254,296.

"Overall, a total of 128 individuals have been arrested in 2022 in connection with counterfeit money cases, while for 2023 (Jan to Oct), 92 individuals have been arrested," he told Sinar yesterday.

Ramli urged the public to be vigilant when handling cash, particularly RM100 and RM50 banknotes, as possessing or using counterfeit money is a criminal offence.

He also encouraged traders to scan banknotes if they have any doubts about their authenticity.

For those who suspect they have received counterfeit money, Ramli advised them to immediately report it to the police.

"Go to the nearest police station and bring the money for the police to take further action according to procedure," he stressed.

The prevalence of counterfeit money has raised concerns among small traders, who have reported receiving fake banknotes from customers.

The traders have adopted stricter measures to check incoming payments, including taking more time to examine banknotes and returning them to customers if there is any doubt.

To combat the issue of counterfeit money, merchants are encouraged to promote alternative payment methods such as QR codes, which offer a more secure and convenient way to make transactions.