News

German ATMs dispense fake euros

May 5, 2004

GERMANY - In order to cut costs, German banks have filled ATMs with unchecked euro notes -- which has raised the risk of counterfeit money entering circulation, according to a report in the Handelsblattnews.

The crime office of the state of Bavaria expects ATMs to increasingly distribute forged notes,  said Eduard Liedgens, the office's expert on counterfeit money.

In the state of North Rhine-Westphalia, bank customers allegedly were able to prove 26 cases of ATMs dispensing forged euro notes, according to the report.

Banks are trying to save money by violating an agreement to use only banknotes that have been checked by the Bundesbank's local branches, Liedgens said. Service companies that restock and empty ATMs are another weak point, he said.

Even before the euro became legal tender, European law-enforcement authorities warned that the introduction of euro bills could lead to increased counterfeiting.