Experts send warning as fraudsters target the vulnerable with fake money deals

Experts are raising alarms about a new wave of fraudsters who are openly advertising counterfeit banknotes on social media platforms, targeting vulnerable individuals.

The adverts offer fake money at enticingly low prices, with some even providing "bulk buy" deals.

Mario Van Poppel, CEO of Manor FX, a leading currency exchange firm, expressed serious concerns about this growing trend.

He said: “The audacity of these criminals is staggering. They are brazenly promoting counterfeit currency, capitalising on the reach and anonymity that social media and the internet provides.

“This poses a significant risk, not only to individuals who are duped into buying these fake notes but also to businesses and the broader economy.”

Fraudsters are utilising popular platforms such as Facebook and Instagram to advertise the fake banknotes, which include various currencies such as British pounds, US dollars and euros - and are often sold at a fraction of their face value.

One of the more alarming aspects of this scam is that these criminals often offer large quantities of counterfeit cash. For example, £10,000 worth of fake notes might be sold for as little as £1,000.

Mr Van Poppel noted that these offers are particularly dangerous because they prey on those in financial distress who may be more susceptible to believing they can pass off the fake notes as real.

“It is worrying to see organised criminals advertising so boldly on social media and preying on vulnerable people,” he said. “These ads offer a dangerous fantasy but can get buyers into a lot of trouble.”

The sale of counterfeit money is, of course, illegal and buyers risk facing criminal charges for possessing or using counterfeit notes - even if they initially believed the money to be legitimate.

In the UK, using or distributing fake money can lead to a sentence of up to 10 years in prison.

The spread of counterfeit money could also have devastating consequences on small businesses, who don’t always have advanced methods to detect fake notes.

The Manor FX expert added: “If counterfeit currency circulates widely, it undermines trust in physical money.

“When businesses or individuals accept fake notes they suffer financial losses and, in severe cases, it can even lead to legal complications.”

While platforms like Facebook and Instagram have implemented various anti-fraud measures, the sheer volume of users makes it challenging to monitor all posts.

This can allow fraudsters to operate, often using temporary or anonymous accounts to evade detection.

A spokesperson for Meta, which owns Facebook and Instagram, said: “Fraudulent activity is not allowed on our platforms and we’ve removed the content brought to our attention.

“We are continually investing in new technologies to tackle this industry-wide issue, and encourage people to report activity like this to us and the police, so we can take action.”

As counterfeit cash schemes continue to proliferate online, experts advise the public to be vigilant.

"If an offer sounds too good to be true, it probably is," Mr Van Poppel cautioned. "Buying fake currency is not only illegal but can result in serious financial loss and legal trouble. It's simply not worth the risk."

The Bank of England offers advice on how to check if you banknotes are genuine or counterfeit.