The Central Bank today issued a warning to the public to be vigilant about counterfeit notes in the run-up to Christmas.
The value of cash in circulation this Christmas is more than 22 per cent higher than at the same time last year, the Bank said.
The Feel-Look-Tilt test
But it warned that as the amount of cash in circulation increases, there is a corresponding increase in the opportunities for counterfeiters to pass off counterfeit banknotes to unsuspecting consumers.
It is advising consumers to subject any suspect banknote to the "feel-look-tilt" test.
The printing processes give banknotes their unique feel, which includes raised print. When the banknote is held up to the light a picture and the value of the banknote become visible as a watermark, while the security thread can also be seen as a dark line.
When the lower denomination notes ( €5, €10, and €20) are tilted, a hologram appears on the foil stripe on the front of the banknote. On the higher value notes (€50, €100, €200, and €500) a hologram appears on the foil patch on the front of the banknote when they are tilted.
A spokesperson for the Central Bank said euro banknotes were produced to the highest standards and contained 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," he said.
Anyone who suspects they have a counterfeit banknote should pass it over to their local gardaí.
Meanwhile, the Irish Payment Services Organisation (Ipso) and the Garda Bureau of Fraud Investigation launched a poster campaign today urging the public to be aware of ATM skimming.
More than €3.5 million worth of ATM skimming fraud was carried out on Irish issued cards this year.
The posters, which show the various skimming devices, are available for download from the www.safecard.ieweb site and are on show in all Garda stations. Consumers are advised to cancel their transaction and call the gardaí if they notice anything suspicious while using an ATM.