As Bulgaria stands on the verge of adopting the euro, the country faces a sharp rise in counterfeit banknotes, with the second quarter of 2025 seeing a record number of fakes circulating. The surge is especially pronounced in the 100 leva bills, where counterfeit detections jumped from just 31 in the first quarter to 661 in the second.

Overall, authorities registered 1,247 counterfeit notes, of which 531 were 50-lev denominations and 43 were 20-lev bills. In contrast, only 9 fake 10-lev notes were found during the same period.

Max Baklayan, CEO of a financial company, shared details about a recent discovery on July 12 of a fake 100-lev banknote. It was flagged by an employee who noticed its unusual texture, comparing the paper more to newspaper than to genuine currency. The typical raised print found on real banknotes was absent.

Baklayan highlighted the missing watermark as another critical sign. He explained that when held up to light, authentic banknotes reveal a distinct, transparent watermark, while counterfeit ones either lack this feature or display a poorly drawn imitation.

He warned that relying solely on machines to detect fakes could allow some to slip through. Therefore, he urged merchants and currency exchange bureaus to adopt a two-step verification process - both mechanical and manual inspections.

The spike in counterfeit bills is linked to increased currency circulation, both in leva and euros. Baklayan noted that currency exchange volumes in June 2024 doubled compared to the same month the previous year, creating fertile ground for counterfeiters, especially during busy times when vigilance tends to wane.

Counterfeiters tend to focus on common denominations like 50 and 100 leva, banking on people’s familiarity with these notes to lower their guard. Conversely, higher denominations, such as 200 or 500 euros, tend to receive more scrutiny, making them less attractive targets for fraudsters.

To help identify counterfeit bills, Baklayan summarized three main indicators: first, the tactile relief - genuine banknotes have a clear texture felt when touched on both sides; second, the watermark, which should be detailed and visible when the note is held against light; and third, the hologram strip, which shifts and changes its image when the note is tilted under light.

Concluding, Baklayan stressed that awareness and careful examination remain the best defenses against counterfeit money in circulation.