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Currency counterfeiting on the increase

As we have pointed out on a number of occasions, the ongoing recession in the UK has attracted a significant increase in criminal activity with currency counterfeiting one of the leading "benefactors". It is estimated that one in 20 one pound coins in the UK are counterfeit which equates to a staggering 73 million fake coins in circulation. When you consider that a fake one pound coin can cost between 10p and 20p to produce, there is a significant mark-up for the criminal fraternity.

It is estimated that the UK coin forgery "industry" is worth a staggering £44 million a year and has seen substantial funds diverted towards the criminal fraternity. On top of this there has been a marked increase in fraud and scams over the last 18 months as people in the UK become more and more desperate to increase their income and reduce the pressure on the everyday cost of living.

While there is a direct cost to industry with regards to fake coins in circulation, there is also a significant risk of reduced trust amongst customers if they are presented with counterfeit currency. These are the hidden costs and hidden consequences of the ever expanding counterfeiting operations across the UK.

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