Online post claims fake S$50 notes used in S'pore, MAS says worn-out notes lose security feature & will be removed

A photo was recently uploaded on social media comparing a pair of S$50 Singapore notes.

The main difference?

The post's caption alleged that genuine notes have a shiny octagonal foil on the front of the note, or kinegram, while the counterfeit note does not.

It was also claimed that local retailers have been affected by counterfeit notes in circulation.

However, the notes featured are both likely to be authentic — just that one was older and worn out.

MAS response

A Monetary Authority of Singapore (MAS) spokesperson provided an explanation to Shin Min Daily News regarding why banknotes might be missing the kinegram.

Old banknotes, it was explained, may lose security features, such as the kinegram due to long-term use.

Such notes will be removed from circulation when returned to MAS through banks, as they are considered unfit for use.

The spokesperson also said the public should remain vigilant, even though encounters with counterfeit notes in Singapore remain low.

What businesses say

Huang Suzhen, a partner at Crante Money Changer in People's Park Complex told Shin Min that counterfeiters target the U.S. dollar or Chinese yuan that have wider circulation, rather than the Singapore dollar.

"Counterfeit syndicates are aiming for profit, so they prefer printing currencies with broader circulation," Huang said.

However, the more likely scenario of being duped with a banknote in Singapore occurs when retailers do not pay attention during transactions.

A 49-year-old chicken rice seller said he once mistook a RM10 note as a S$10 note.

"I was too busy and accepted it carelessly. I only discovered it later, but it was just a loss of a few dollars," he said, adding that he has not seen fake notes before.

Top photo via