Be on the lookout for counterfeit banknotes

SAN JOSE, COSTA RICA – September 7th, 2012 -

With the introduction of new 5,000, 10,000, and 50,000 colone banknotes in Costa Rica on August 27^th, readers may want to exercise a greater degree of caution against possible counterfeit banknotes.  Con artists may attempt to take advantage of peoples’ relative unfamiliarity with the new banknotes.

Be on the lookout for fakes

Leonel Galeano, a man from Guanacaste, became the victim of a con artist with a fake banknote while having a few drinks in a bar, when a man approached him asking to see what the new 10,000 colone note looked like.

While supposedly looking at the new bill, the man allegedly switched it with a false one.

Geleano noticed something odd about the bill, and when looking at it against the light, saw that the watermark on the ex-president’s face was not the same.

The man from Guanacaste will file a report with OIJ.

In regards to new fake bills out in the streets, the Costa Rica Central Bank (BCCR) treasurer, Marvin Alvarado, said that in the week since the banknotes have been introduced, he has received no other reports of false 5,000, 10,000 or 50,000 colones bills. In regards to the case, he advised the population to closely inspect new bills to ensure they are authentic.

The Central Bank has received a total of 1,268 fake bills this year in the 2,000 colones and 20,000 colones denominations. These illegitimate bills are received from various banks across the country, and later destroyed by the Central Bank (BCCR).

According to Alvarado, when receiving false bills, they are placed into analysis in order to determine the means by which they were counterfeited.  They are later destroyed.