(image: KobizMedia/ Korea Bizwire)
SEOUL, Jan. 10 (Korea Bizwire) — The use of cashless payment methods, such as credit cards and digital wallets, has led to a record low number of counterfeit bills detected in South Korea last year, according to the Bank of Korea.
In its report released on January 9, the central bank stated that only 143 counterfeit bills were identified in 2024, down from 197 in 2023. This marks the lowest figure since record-keeping began in 1998.
The brief spike in counterfeit detections in 2023, attributed to the normalization of in-person transactions post-pandemic, was short-lived. In 2024, the figure declined sharply, reflecting a growing shift toward digital payments and improved public awareness of counterfeit detection.
Among the counterfeit bills found, 5,000-won notes accounted for the largest share (75), followed by 10,000-won notes (40), 50,000-won notes (23), and 1,000-won notes (5). Financial institutions uncovered 132 cases, with the remainder detected by the Bank of Korea (7) and individual reports (4).
Geographically, 61.4% of the counterfeit bills were discovered in the capital region, which includes Seoul, Gyeonggi Province, and Incheon.
The Bank of Korea also recognized law enforcement efforts in combating counterfeiting. On December 30, it awarded the Kimcheon Police Department in North Gyeongsang Province with a commendation and monetary prize for its significant contributions to apprehending counterfeiters.
Lina Jang (linajang@koreabizwire.com)
