The Central Bank says the amount of cash it has issued now stands at over €13 billion, an increase of 22% from the same time last year.
As the Christmas spending season enters into its busiest period, the Central Bank warns that with more money in circulation, there is a corresponding increase in the opportunities for counterfeiters to pass off forgeries to unsuspecting consumers.
In order to help people recognise genuine banknotes, the Central Bank today launched new public information materials that show the security features present on euro banknotes. The Central Bank is also providing training for cash handlers, those who use and check large volumes of banknotes on a regular basis, such as banks and retailers.
'Euro banknotes are produced to the highest standards and contain security features which are hard to counterfeit. Most of the counterfeit banknotes that we have come across have been of poor quality. It should be relatively easy to spot counterfeits and we would remind people to stay alert over the Christmas period', a Central Bank spokesman said.
Anyone who suspects they have a counterfeit banknote should pass it over to their local Gardai, he added.
Meanwhile, the Garda Fraud Squad and the Irish Payment Services organisation has issued a warning about East European gangs operating ATM scams in Ireland.
So far, this year over €3.5m have been stolen from people's bank accounts using skimming devices and counterfeit bank cards.
