Cash isn’t as popular as it used to be, but that hasn’t put counterfeiters out of business. A 2020 survey cited in a recent Federal Reserve report showed that showed U.S. consumers used cash for only 19% of their transactions. It’s harder to find actual statistics showing how much cash is counterfeit. Often, the number bandied about around the internet is $70 million, but that’s based on a 2006 report from the United States Treasury Department.
Still, it’s common to hear local news stories about counterfeit money. For instance, earlier this year, a Home Depot worker was arrested for stealing $387,500 from the company over four years – by taking real money and switching it with fake bills.
If you want to know more about how to spot fake money, here’s a look at how you should be looking at your cash.