Counterfeit currency ‘not refundable’

November 17, 2014
Counterfeit Bills

(Korea Times File)

Banks and financial companies do not have to refund counterfeit bills, experts said Sunday, according to the Chosun Biz.

The view is based on the United Nation’s ruling that says responsibility rests with those who last possessed the counterfeit notes. The U.N. reasons that if each and every counterfeit bill were to be restituted, it would only encourage mass production.

The newspaper quoted a Korea Exchange Bank specialist as saying, “As there’s no way to get a refund for counterfeit bills, the only preventive measure is knowing how to detect those bills, or to make cash transactions only at certified financial agencies.”

The newspaper suggested people familiarize themselves with a few main ways to detect a counterfeit note, such as checking that there is an embossed texture on portraits on bills or holograms, and figures that can be seen only when real bills are tilted.

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