MAS urges vigilance after reports of counterfeit S$50 notes circulating in Singapore
The Monetary Authority of Singapore (MAS) has urged the public to stay alert following reports of counterfeit S$50 notes in circulation. The fake notes, which appear nearly identical to genuine ones but lack a holographic strip, have prompted retailers to tighten checks during cash transactions.
- Counterfeit S$50 notes missing holographic “kinegram” reported in circulation.
- MAS confirms awareness of cases and urges use of the Look-Tilt-Feel method.
- Possession or use of fake notes as genuine is a serious offence under Singapore law.
SINGAPORE: Concerns have been raised following claims that counterfeit S$50 notes are circulating in Singapore.
The reports surfaced after several social media posts showed side-by-side comparisons between real and fake notes.
On 8 September, one widely shared post displayed two S$50 notes next to each other. The key difference was the absence of a reflective holographic strip, known as a kinegram, on the counterfeit note. Aside from this, the two notes appeared almost identical.
According to Shin Min Daily News, some retailers have already encountered counterfeit S$50 notes. Vendors interviewed said they were now taking extra precautions when handling cash transactions.
He, a 53-year-old grocer in Toa Payoh with over two decades of experience, said seasoned vendors could usually identify fake notes by touch.
“I’ve heard of colleagues who’ve encountered fake notes, but they were able to identify them on the spot,” he said.
Huang, owner of Crante Money Changer at Chinatown Complex, explained that counterfeiters usually target currencies with larger global circulation, such as the US dollar or Chinese yuan.
She noted that counterfeit Singapore notes are less common because the currency is not widely used internationally.
“The ultimate goal of counterfeit syndicates is to profit, so they tend to print currencies that are more widely circulated,” she said.
MAS confirms awareness of cases
The Monetary Authority of Singapore (MAS) confirmed that it was aware of several social media posts alleging that retail outlets had received counterfeit S$50 notes.
A spokesperson emphasised that while such cases remain rare, the public must remain vigilant.
“The notes shown in the posts appeared to be missing the kinegram,” the spokesperson said. “It is possible for the kinegram of very old notes to be worn out due to wear and tear. Such notes would be deemed unfit for public use and are removed from circulation when they are returned by banks to MAS.”
Besides the kinegram, other security features include a watermark, microprints, and a security thread — all of which are more durable and should be checked.
MAS advised the public to use the Look-Tilt-Feel method when verifying banknotes. Further guidance on security features is available on its website.
Legal consequences of using counterfeit notes
Authorities reminded the public that possessing or using counterfeit currency as genuine is a serious offence.
Earlier this month, on 4 September, a 22-year-old Indonesian man was charged after allegedly attempting to deposit a counterfeit S$10,000 note at a UOB branch in Clementi Avenue 3.
Police said counter staff suspected the note was fake and alerted a manager, leading to his arrest.
If convicted under Section 489B of the Penal Code, he faces up to 20 years in jail and a fine.
MAS reiterated that members of the public who suspect they have received counterfeit notes should immediately report the matter to the police or return the note to a bank for verification.
