The Fed works with Bank of England to help members identify fake bank notes

(Pictured: Fed member, Kaual Patel, who is a independent retailer based in South East London, has backed the scheme)

The Fed is working with the Bank of England to help members identify and challenge fake cash to help members reduce the financial and reputational risk that they can cause. This includes Fed member, Kaual Patel, who is an independent retailer based in South East London, who recently joined the Bank Note checking scheme which the Bank has launched to assist in raising awareness and meeting the counterfeit challenge.

Members can view the following video to discover more:

Other Fed members can also sign up here to join the Bank Note Checking Scheme for free

The Bank of England says the scheme will help businesses like Fed members:

• Reduce the financial loss and reputational risks caused by counterfeit banknotes
• Get support and up-to-date guidance, including training materials
• Support their communities by preventing the spread of counterfeits and associated crimes

As a member, you will:

• Receive a welcome pack containing all our staff training materials on how to check a banknote and what to do with a counterfeit
• Get a regular newsletter updating you on best practice and news
• Be the first to hear about other important developments such as the withdrawal of old notes
• Have a point of contact at the Bank

This scheme only covers Bank of England notes. You can get training materials and other information about Scottish and Northern Ireland banknotes from the Committee of Commercial Banknote Issuers, although the Bank of England’s newsletters will update you on any major developments.

Long term decline but recent increase in counterfeiting

According to the Bank of England, there has been a recent small increase reported with the 2025 counterfeit banknote statistics, which showed a rise in counterfeit notes detected, up from 99,000 in 2024 to 200,000 in 2025.

The Bank reports that this represents only a small fraction of the overall supply of notes – 0.0041% of banknotes were counterfeit, less than 1 in 24,390 banknotes. This also represents a big decline in the reported number of discovered notes found in the past decade or so – back in 2012, there were more than 700,000 counterfeit notes discovered.

In recent years there has been a significant fall in counterfeit notes seized – but it stated to increase again in 2025. (Source: Bank of England).

The Bank says that the introduction of polymer notes and new security features – including, in September 2016 the polymer £5 note, followed by the £10 in 2017, £20 in 2020, and £50 in 2021 – has helped limit the increase.

That said, the Fed and the Bank see no room for complacency, and they are collaborating on this campaign to help members spot what might be suspicious.

Commenting, the Fed’s National President, Hemanshu Patel, also backed the initiative saying: “We are working with the Bank of England to encourage our members to participate in this worthwhile scheme.

“I know what a cost and nuisance fake notes can cause a business from my own experience as a retailer. I also shared feedback about this issue with the Bank of England in a meeting with them in January last year when I was National Vice President of the Fed and we will continue to help draw attention to this problem.”

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Finally, the Fed is also working in Partnership with Safescan, who offer exclusive discounts for Fed members on counterfeit detection and cash counters, find out more on their website: Safe scan Federation of Independent Retailers.  Fed members need their Fed ID number to access the site and discounts but they can obtain that from the contact centre if needed: 0207 017 8880.