Last year, for every million genuine banknotes, there were 2.1 counterfeits. Most often, old-style banknotes were counterfeited. This was reported by the press service of the National Bank of Ukraine, Kommersant Ukrainsky reports 
Most of the seized counterfeits (93%) belonged to banknotes of three denominations :
- 200 hryvnia (61% of the total number of seized counterfeits and 41% of their total amount),
- 500 hryvnias (24% and 41% respectively)
- uAH 100 (8% and 3% respectively).
Other seized counterfeit hryvnia banknotes accounted for only 7%.
The National Bank of Ukraine emphasises the high level of security inherent in the new generation of national currency banknotes, including the 100, 200, 500, and 1,000 hryvnia notes issued in 2015 to 2020.
According to the monitoring results for 2023, counterfeits of the new hryvnia banknotes accounted for only 18% of the total number of counterfeit banknotes seized in the Ukrainian banking system. Accordingly, for every million genuine hryvnia banknotes of the new design, only 0.4% of counterfeit notes were found.
The NBU noted that the level of banknote counterfeiting in the country is quite low. According to the European Central Bank, in the European Union in 2023, this figure is almost eight times higher, at about 16 counterfeit euro banknotes per million genuine ones.
How to check the authenticity of hryvnia banknotes
Most of the counterfeit hryvnia banknotes withdrawn from circulation were of poor quality and were designed to make citizens and cashiers in retail outlets inattentive. Knowing the security features of hryvnia banknotes and carefully checking them during payments minimises the risk of counterfeiting.
The authenticity of a banknote is checked in the following ways:
1) by touch – the banknote paper and the relief of individual images on the front of the banknote are checked, which is ensured by a special type of printing;
2) visually checked against the light:
- the presence of watermarks (a multi-tonal watermark is an image of a portrait that repeats the portrait printed on the front of the banknote and a light element of the watermark is an image of a digital denomination or graphic sign of the national currency of Ukraine – the hryvnia)
- the presence of a through element (combined image) – a fragmentary image of the digital denomination designation made on the front and back sides, which acquires a holistic appearance without breaks and shifts when the banknote is viewed against the light;
- the presence of a protective tape completely immersed in the thickness of the paper, on which, with the help of a magnifying glass, the image of the digital denomination, the inscription “UAH”, and the image of the small State Emblem of Ukraine (trident) can be seen in straight and inverted form when the banknote is viewed against the light;
3) by changing the angle of inclination, the banknotes are visually checked:
- images made with optically variable inks that change colour when the banknote is viewed from different angles (on medium and high denomination banknotes of the 2003-2007 design and new UAH 20 banknotes of the 2018 design and UAH 50 banknotes of the 2019 design) and have the kinetic effect of gradually changing one colour to another (the SPARK element is contained on the UAH 100, 200, 500, and 1000 banknotes of the 2014-2019 design);
- a “window” (partially embedded in the paper thickness) polymer protective tape of the appropriate colour (brown on the 2014 design of the 100 hryvnia banknote, blue on the 2019 design of the 200 hryvnia banknote, dark grey on the 2015 design of the 500 hryvnia banknote, and magenta on the 2019 design of the 1000 hryvnia banknote), which contains the digital denomination of the banknote and the hryvnia graphic symbol (on the 100-500 hryvnia banknote), and the small State Emblem of Ukraine (on the 1000 hryvnia banknote). When the banknote angle is changed, a pronounced kinetic effect of changing the direction of movement of the tape background images is observed;
- a latent image of the digital denomination mark visible when the banknote is viewed at eye level against the light at an acute angle (dark on a light background when the banknote is viewed from the long side, light and dark on the short side).
Counterfeiting of foreign currency
The level of counterfeiting of foreign currency banknotes was also low last year. In 2023, banks and financial institutions across Ukraine withdrew from circulation less than seven hundred counterfeit foreign currency banknotes (in 2022, about six hundred ).
Among the counterfeit foreign currency banknotes withdrawn from circulation in 2023, US dollars prevailed, accounting for 97% of the total number of all counterfeit foreign currency banknotes withdrawn. Last year, euro banknotes accounted for only 3% of seized counterfeit foreign currency notes.
Most often, criminals counterfeited foreign banknotes of the following denominations:
- uSD 100 and USD 50 (92% and 7% of the total number of seized counterfeit USD notes);
- 50 and 200 euros (39% and 30% of the total number of seized counterfeit euros).
How to distinguish between counterfeit euros and dollars
First of all, we advise you never to carry out currency exchange transactions “in person”, via the Internet, etc. To do so, you should only use currency exchange offices of banks or non-bank financial institutions licensed by the National Bank.
Having familiarised themselves with the security system of US dollar and euro banknotes, citizens can verify their authenticity without the use of special equipment, paying attention to visual and tactile security features (watermarks, immersed and window security tapes, relief printing, optically variable inks, holographic elements, etc.)
Thepaper on which dollars and euros are printed contains a high percentage of cotton. This means that the banknote is quite dense and crunches when folded.
Embossedprinting is easily felt with your fingers. You can easily identify the denomination, name of the banknote, and serial number by tactile sensations.
Each banknote has watermarks located in the deeper layers of the paper, which are clearly visible against the light.
The iridescenthologram has a thin application and changes the image to the denomination when bent or tilted.
When thebanknotes are held up to an ultraviolet lamp, they should not glow completely, and some paper fibres will show red and green colour inclusions.
A detailed description of the security features of the US dollar and euro banknotes in circulation is available on the websites of the US Treasury Bureau of Engraving and Printing and the European Central Bank, respectively.
What to do if you have doubts about the authenticity of money
When making cash payments or currency exchange transactions, you should always be careful, take your time and try to check several security features of banknotes. If there are doubts about the authenticity and solvency of hryvnia and foreign currency banknotes, citizens may contact the banks that pass these banknotes to the NBU for examination.
Based on the results of such examinations, which are carried out free of charge, customers are reimbursed the corresponding amount of hryvnia banknotes that are found to be genuine and legal tender. Foreign currency banknotes that are found to be genuine are returned to the holder.
Counterfeit banknotes are withdrawn without reimbursement of their value. The NBU shall notify law enforcement agencies of their seizure, and all counterfeit banknotes shall be handed over to their authorised employees for investigation in accordance with the established procedure.