Retailers are being urged to strengthen cash handling procedures after the number of counterfeit banknotes removed from circulation more than doubled in 2025, according to new figures from the Bank of England.
The central bank said around 200,000 counterfeit banknotes were withdrawn from circulation during the year, compared with approximately 99,000 in 2024. While the increase is significant, fake notes remain exceptionally uncommon, accounting for less than 0.0041 per cent of all Bank of England banknotes in circulation.
The latest figures serve as a reminder for retailers to remain vigilant when accepting cash, particularly as counterfeit notes have no value and cannot be exchanged for genuine currency.
Retail businesses are often the first to identify counterfeit banknotes, making shops, supermarkets, convenience stores and hospitality venues especially vulnerable to financial losses if fake notes are accepted.
Responding to the figures, the British Independent Retailers Association (Bira) urged businesses to ensure staff are properly trained to identify counterfeit currency and encouraged retailers to make use of the Bank of England's free counterfeit detection resources.
The trade body highlighted the availability of online training modules, videos, printable guides and self-assessment tests designed to help staff recognise genuine King Charles III and Queen Elizabeth II banknotes.
Current polymer £5, £10, £20 and £50 banknotes feature a range of built-in security measures, including transparent windows, holograms, raised print and colour-changing elements, making them significantly harder to counterfeit.
The Bank of England described counterfeit banknotes as "rare and also worthless" and advised businesses to check several security features rather than relying on a single test when verifying notes.
The Bank has launched a nationwide awareness campaign to help businesses reduce the financial and reputational damage counterfeit notes can cause by promoting simple, practical steps for checking banknotes.
As part of the campaign, the Bank has developed a partner toolkit containing ready-to-use communications materials that can be shared with members, stakeholders and business communities.
The campaign encourages businesses to adopt the Bank of England's two quick checks when accepting cash and embed routine banknote checking into day-to-day processes, while also joining the Banknote Checking Scheme to access free training materials, guidance, alerts and updates.
The Bank says these measures can help businesses identify counterfeit notes with confidence and reduce the risk of financial loss.
The toolkit includes social media content in static and video formats, newsletter and email graphics and copy, website articles and web graphics, print and digital advertising materials, educational content promoting the Two Quick Checks, campaign videos and business case studies.
It also includes A4 banknote-checking posters in English, Arabic, Bengali, Gujarati, Polish, Portuguese, Punjabi, Romanian, Spanish, Urdu and Welsh.
The posters can be displayed in staff areas, used during onboarding or incorporated into refresher training, making them particularly useful for businesses with diverse workforces.